Presumptions about the Accuracy of Balance Sheet and Profit & Loss A/C are as follow:
The officials dealing with investigation and settlement of industrial disputes of the kind referred to in section 22. It may assume that the statements and specifications in the Balance Sheet and the Profit and Loss Account of a company or a corporation (other than a Banking Company) are accurate, provided the balance sheet and the profit and loss statement of the company are duly examined by the Comptroller and Auditor General of India or by a qualified examiner under the Companies Act 1956. In such a situation, the corporation or the company need not prove their correctness by registering an affidavit or by any other mode. The officials who can consider accuracy is any mediator or a tribunal under the industrial disputes Act 1947 or under an identical law relating to the examination and settlement of the industrial conflict enforced in the state, to which any dispute between an employer and his employees concerning bonus payable under the Act or for the applicability of the Act to an establishment in the public sector is preferred. Where the authority is satisfied that the statements and specifications included in the balance sheet and the profit and loss statement of the corporation or the companies are not accounting, it may take required steps to find out the dependability of such statements or details.
The authority, on an application made by any trade union being a party to the conflict or where there is no trade union by the workers party to the dispute, may need any explanation relating to any item in the Balance Sheet or the Profit and Loss Account from the Employer Corporation or company. If the authority is satisfied that such an explanation is necessary, it may, by order, direct the owner corporation or organization to provide to the trade union or the employees such classification within such time as may be particularized in the direction and the corporation or the company shall abide by the direction.
Also, the disputes falling under the purview of the Industrial Dispute Act or any other legislation committed to the inquiry and settlement of the conflicts of like characteristics would be introduced to an arbitrator or a court by the above-mentioned legislation. If the balance sheet or the profit and loss account of the organizations or the corporations is reviewed by the Auditor General of India or any other auditor who is authorized to do so under the Companies Act, then there is no need to register an affidavit to establish its correctness. However, if the court or the arbitrator is certain about the mistake of the balance sheet or the profit and loss account then it can take any actions that it believes important to be taken to find out the accuracy of the balance sheet and the profit and loss accounts.
The trade unions or the employees, being a party to the dispute, can file an appeal to the authority for any interpretation in the balance sheet or the profit and loss declaration. The authority, after satisfying itself on the need for such interpretations, would further advise the company and corporation to present the required clarification to the other party.
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