Amendment status not verified — confirm the current text below against the official source.
(1) For ascertaining revenue realisation in a sugar factory and to advise the Board on the determination of revenue sharing based sugarcane price, there shall be an audit committee appointed by the Board consisting of,– (a) Commissioner - Chairman; (b) Managing Director, Tamil Nadu Co-operative Sugar Federation - Convenor; (c) Director, Co-operative Audit - Member; (d) Chief Accounts Officer, Tamil Nadu Sugar Corporation - Member; (e) Chief Sugar Chemist, Tamil Nadu Sugar Corporation - Member; (f) An Independent Auditor to be nominated by the Chairperson of the Board) - Member; The Board or the Chairman of the audit committee with the permission of the Board may appoint technical experts to the audit committee as and when required. (2) The audit committee shall, after publication of annual report of each factory after closure of the financial year, have the power to inspect any sugar factory so as to ascertain the realisation of revenue in each sugar factory. (3) The audit committee after inspection of the sugar factory shall submit a report to the Board.