Section 19 in The Central Electricity Regulatory Commission (Procedure, Terms & Conditions for grant of Transmission License and other related matters) Regulations, 2001
19. Accounts of the licensee.
- 1. The licensee shall -(a)Maintain separate information and statements of accounts for the project and any other business utilising the assets of the project allowed by the Commission. The statement of accounts shall be in such form and contain such particulars as may be laid down by the Commission ;(b)Keep the accounts of the project separate from any other business operated by the licensee, including activities related to similar such transmission projects, if any ;(c)Prepare on a consistent basis from such records accounting statements for each financial year comprising a profit and loss account, a balance sheet and a statement of source and application of funds together with notes thereto and showing separately the amounts of any revenue, cost, asset, liability, reserve, or provision which has been either:(i)Charged from or to any business activity other than the one associated with this project together with a description of the basis of that charge ; or(ii)Determined by apportionment or allocation between the various business activities together with a description on the basis of the apportionment or allocation; and(d)Provide in respect of the accounting statements prepared in accordance with foregoing clauses, a report by the Auditors in respect of each Financial Year, stating whether in their opinion the statements have been properly prepared and give a true and fair view of the revenues, costs, assets, liabilities, reserves reasonably attributable to the Project to which the statements relate, and(e)Submit to the Central Transmission Utility copies of the accounting statements and Auditor's report not later than six months after the close of the financial year to which they relate.
