(1) Where, during the course of proceedings before any arbitrator or
Tribunal under the Industrial Disputes Act, 1947 (14 of 1947), or under any corresponding law
relating to investigation and settlement of industrial disputes in force in a State (hereinafter in this
section 1[and in 3[sections 24 and 25] referred to as the "said authority") to which any dispute of the
nature specified in section 22 has been referred, the balance-sheet and the profit and loss account of
an employer, being a corporation or a company (other than a banking company), duly audited by the
Comptroller and Auditor-General of India or by auditors duly qualified to act as auditors of
companies under sub-section (1) of section 226 of the Companies Act, 1956 (1 of 1956), are produced
before it, then, the said authority may presume the statements and particulars contained in such
balance-sheet and profit and loss account to be accurate and it shall not be necessary for the
corporation or the company to prove the accuracy of such statements and particulars by the filing of
an affidavit or by any other mode:
Provided that where the said authority is satisfied that the statement and particulars contained in the balance-sheet or the profit and loss account of the corporation or the company are not accurate, it may take such steps as it thinks necessary to find out the accuracy of such statements and particulars.
(2) When an application is made to the said authority by any trade union being a party to the dispute or where there is no trade union, by the employees being a party to the dispute, requiring any clarification relating to any item in the balance-sheet or the profit and loss account, it may, after satisfying itself that such clarification is necessary, by order, direct the corporation or, as the case may be, the company, to furnish to the trade union or the employees such clarification within such time as may be specified in the direction and the corporation or, as the case may be, the company, shall comply with such direction.
Provided that where the said authority is satisfied that the statement and particulars contained in the balance-sheet or the profit and loss account of the corporation or the company are not accurate, it may take such steps as it thinks necessary to find out the accuracy of such statements and particulars.
(2) When an application is made to the said authority by any trade union being a party to the dispute or where there is no trade union, by the employees being a party to the dispute, requiring any clarification relating to any item in the balance-sheet or the profit and loss account, it may, after satisfying itself that such clarification is necessary, by order, direct the corporation or, as the case may be, the company, to furnish to the trade union or the employees such clarification within such time as may be specified in the direction and the corporation or, as the case may be, the company, shall comply with such direction.
1. Subs. by Act 23 of 1976, s. 16, for "and in sections 24 and 25" (w.e.f. 25-9-1975).
2. Subs. by Act 66 of 1980, s. 13, for "section 25" (w.e.f. 21-8-1980).