Section 23 in The Industrial Development Bank Of India Act, 1964
23. Audit .- [(1) The accounts of the Development Bank shall be audited by auditors duly qualified to act as auditors under sub-section (1) of section 226 of the Companies Act, 1956 (1 of 1956), who shall be appointed by the Development Bank in general meeting of the shareholders out of the panel of auditors approved by the Reserve Bank for such term and on such remuneration as the Reserve Bank may fix.]
(2)The auditors shall be supplied with a copy of the annual balance-sheet of the Development Bank and it shall be their duty to examine it together with the accounts and vouchers relating thereto and they shall have a list delivered to them of all books kept by the Development Bank and shall at all reasonable times have access to the books, accounts, vouchers and other documents of the Development Bank.(3)The auditors may, in relation to such accounts, examine any director or any officer or other employee of the Development Bank and shall be entitled to require from the Board or officer or other employees of the Development Bank such information and explanation as they may think necessary for the performance of their duties.(4)The auditors shall make a report to the Development Bank upon the annual balance-sheet and accounts examined by them and in every such report they shall state whether in their opinion the balance sheet is a full and fair balance-sheet containing all necessary particulars and properly drawn up so as to exhibit a true and fair view of the state of affairs of the Development Bank and in case they had called for any explanation or information from the Board or any officer or other employee of the Development Bank whether it has been given and whether it is satisfactory.(5)The Development Bank shall furnish to the [Central Government] [ Substituted by Act 52 of 1975, Section 15, for certain words (w.e.f. 16.2.1976).] [within one month from the date on which the annual general meeting is held ] [ Substituted by Act 5 of 1995, Section 18, for " within four month from the date on which its accounts are closed and balanced" (w.r.e.f. 12.10.1994).]a copy of its balance-sheet and accounts together with a copy of the auditors 'report and a report of the working of the Development Bank during the relevant year, and the Central Government shall as soon as may be after they are received by it, cause the same to be laid before each house of Parliament.(6)Without prejudice to anything contained in the preceding sub-sections, the Central Government may at any time appoint the Comptroller and Auditor-General of India to examine and report upon the accounts of the Development Bank and any expenditure incurred by him in connection with such examination and report shall be payable by the Development Bank to the Comptroller and Auditor-General of India.
