Section 12 in The M.P. Vidyut Pradaya Upakram (Arjan) Adhiniyam, 1974
12. Deductions.
- The deduction referred to in Section 10 shall be as specified below,-(a)the amount, if any, that may be paid in advance to the licensee by the State Government or the Board after the vesting date;(b)the amount, if any, specified in sub-section (3) of Section 8;(c)the amount due, if any, including interest thereon, from the licensee to the Board for energy supplied by the Board before the vesting date and any other charges due from the licensee;(d)all amounts including loans and advances and arrears of interest, if any, thereon, due from the licensee to the State Government or to the Board;(e)the amount, if any equivalent to the loss sustained by the State Government by reason of any property or rights belonging to the undertaking not having been handed over to the State Government, the amount of such loss being deemed to be the amount by which the market value of such property or the rights exceeds the amount payable therefor under this Act together with any income which might have been realised by the State Government, if the property or rights had been handed over on the vesting date;(f)the amount of all loans due from the licensee to any financial institutions constituted by or under the authority of the State Government and arrears of interest, if any, thereon;(g)all sums paid by consumers by way of security deposit and arrears of interest due thereon on the vesting date, in so far as they have not been paid over by the licensee to the State Government, less the amounts which according to the books of the licensee are due from such consumers to the licensee for energy supplied by him before the date;(h)all advances from consumers and prospective consumers and all sums which have been or ought to be set aside to the credit of the consumers fund, in so far as such advances or sums have not been paid over by the licensee to the State Government;(i)the amounts remaining in Tariffs and Dividends Control Reserve, Contingencies Reserve and the Development Reserve, in so far as such amounts have not been paid over to the State Government and the amounts remaining in such other reserves, statutory or non-statutory, as were created to discharge such deferred liabilities or obligations of the undertaking as may devolve on the State Government as a result of vesting under this Act;(j)the amounts, if any, relating to debts, mortgages or obligations as mentioned in Section 7;(k)such sums as are found necessary to meet the obligations of licensee towards its employees under Section 15;(l)amount which the licensee may have failed to pay in respect of either the employer's contribution or employee's contribution realised by the licensee as employer under the Employees Provident Fund Act, 1952 (No. 19 of 1952) or the Employees State Insurance Act, 1948 (No. 34 of 1948) in respect of persons employed in connection with the undertaking immediately before the vesting date;(m)all sums due to any employee towards wages or salary, bonus or any other payment in respect of service rendered to the licensees and any compensation payable to any worker under any provisions of Chapter V-A of the Industrial Disputes Act, 1947 (No. 14 of 1947);(n)all sums due to any employee in respect of provident fund, pension fund or gratuity fund or any other fund established for the welfare of the employees of the licensees;(o)sums due in respect of any compensation or liability under the Workmen's Compensation Act, 1923 (No. 8 of 1923) in respect of the death or disablement of any employee of the licensee unless such licensee has under such contract with the insurer as mentioned in Section 15 of the said Act, rights capable of being transferred to and vested in the workmen;(p)the amounts, if any, relating to taxes, duties, cesses, rates or any amount of like nature due from the licensee' to the State Government and other local bodies;(q)amounts which are already due from or become due from the licensees in respect of their transactions up to and inclusive of the vesting date under the Income Tax Act, 1961 (No. 43 of 1961), the Excess Profits Tax Act, 1940 (No. 15 of 1940), the Business Profits Tax Act, 1947 (No. 21 of 1947). the Indian Income Tax Act, 1922 (No. 11 of 1922), the Wealth Tax Act, 1957 (No. 27 of 1957), the Expenditure Tax Act, 1957 (No. 29 of 1957), the Gift Tax Act. 1958 (No. 18 of 1958), the Super Profits Tax Act, 1963 (No. 14 of 1963), and the Companies (Profits) Sur Tax Act, 1964 (No. 7 of 1964);(r)such sums as are found necessary to meet other liabilities and obligations of the licensee which are found to be legitimately due from the licensee where such liabilities and obligations are likely to devolve on the State Government as a result of vesting under this Act.
