Section 11 of The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002
- (1)The Administrator shall maintain separate accounts of each of the specified undertaking asset possession whereof has been taken by him, and shall cause to be made therein entries of all receipts and expenditure in respect thereof.
- (2)The separate accounts under sub-section (1) shall be maintained in such form and in such manner as may be specified by the Central Government.
- (3)The Central Government shall cause the accounts maintained under this section to be inspected and audited at such intervals and by such persons as may be specified by it.
Summary
- The Administrator must keep separate financial records for each specific asset they take control of.
- Every single item of income and expense related to these assets must be recorded in these accounts.
- The Central Government decides the exact format and method for how these accounts should be kept.
- The government will arrange for these accounts to be regularly checked and audited.
- The Central Government chooses the specific people who will perform these audits and decides how often they happen.
Practical examples
FAQ
1. Does the Administrator mix all the money into one general account?
No, the Administrator must maintain separate accounts for each of the specified undertaking assets.
2. Who decides how the accounts should look?
The separate accounts must be maintained in the form and manner specified by the Central Government.
3. Are the Administrator's financial records ever checked by outsiders?
Yes, the Central Government ensures the accounts are inspected and audited at specific intervals.
Test yourself
Q1.Under Section 11 of The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, how must the Administrator track receipts and expenditures?
Q2.Under Section 11 of The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, who determines the format for maintaining the accounts?
Q3.Under Section 11 of The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, what happens to the accounts after they are maintained?
Q4.Under Section 11 of The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, who chooses the people that inspect and audit the accounts?
Q5.Under Section 10 and Section 11 of The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, if the Administrator buys a piece of real estate under Section 10, how must it be recorded under Section 11?