Section 12
Accounts and audit.
The Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act, 1980
About this Act
An Act to provide for the acquisition of the undertakings of the Hind Cycles Limited, and Sen-Raleigh Limited, with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of bicycles, and their component parts and accessories which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
The Custodian or Custodians of the undertakings of either, or both, of the
two companies shall maintain an account of the undertakings of the concerned company or companies in
such form and manner and under such conditions as may be prescribed and the provisions of the
Companies Act, 1956 (1 of 1956), shall apply to the audit of the accounts so maintained as they apply to
the audit of the accounts of a company.