(2)On receipt of such intimation or explanation, the Director may, in respect of all or any of the matters referred to in his report:-(a)accept the explanation given by the Chief Executive Officer;(b)direct that the matter be further investigated at the next audit or at any earlier date;(c)hold that the defects or irregularities pointed out in the audit report or any of them have not been removed or remedied;(d)condone any objection, the compliance of which is not possible due to loss of records connected with its disposal due to any natural calamity.
