Section 24 in The Kalakshetra Foundation Act, 1993
Title: Accounts and audit of the Foundation
(1) The Foundation shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance sheet in such form as may be approved by the Comptroller and Auditor-General of India.
(2) The accounts of the Foundation shall be audited by the Comptroller and Auditor-General of India and any expenditure incurred by him in connection with such audit shall be payable by the Foundation to the Comptroller and Auditor-General of India.
(3) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the Foundation shall have the same rights, privileges and authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the audit of the Government accounts, and, in particular, shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect the office of the Foundation.
(4) The accounts of the Foundation as certified by the Comptroller and Auditor-General of India or any person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament.
Title: Duty to furnish returns, annual reports, etc.
(1) The Foundation shall furnish to the Central Government at such time and in such form and in such manner, as may be prescribed, or as the Central Government may direct, such returns and statements and such particulars in regard to any proposed or existing programme for the promotion and development of the objects of the Foundation, as the Central Government may, from time to time, direct.
(2) Without prejudice to the provisions of sub-section (1), the Foundation shall, as soon as possible after the end of each financial year, submit to the Central Government an annual report in such form and before such date as may be prescribed, giving a true and full account of its activities and programmes during the previous year
(3) A copy of the report received under sub-section (2) shall be laid, as soon as may be, after it is received, before each House of Parliament.
Title: Prior approval of the Central Government for alienation of property.
The Foundation shall not, except with the previous approval of the Central Government, sell or otherwise dispose of any property vested in the Foundation.
Title: Power of Central Government to give directions to the Foundation
(1) The Central Government may, if it is satisfied that it is necessary so to do in the public interest, issue, for reasons to be recorded and communicated to the Foundation, such directions as it thinks fit.
(2) Without prejudice to the generality of the foregoing powers, such directions may include directions requiring the Foundation—
(a) to make or amend any regulation within such period as may be specified in the direction; and
(b) to give priority to the work undertaken or to be undertaken by the Foundation in such manner as the Central Government may think fit to specify in this behalf.
(3) Any direction issued under this section shall have effect notwithstanding anything contained in any law for the time being in force or in the memorandum or regulations of the Kalakshetra Society.
Title: Dissolution of the Foundation
(1) The Central Government may, by notification and for reasons to be specified therein, dissolve, the Foundation from such date and for such period as may be specified in the notification:
Provided that before issuing any such notification, the Central Government shall give a reasonable opportunity to the Foundation to make representation against the proposed dissolution.
(2) When the Foundation is dissolved under sub-section (1),--
(a) all members of the Governing Board, Academic Committee and the Finance Committee, notwithstanding that the terms of their office had not expired, shall, from the date of dissolution, vacate their offices as such members;
(b) all powers and duties of the Governing Board, Academic Committee and the Finance Committee shall, during the period of dissolution, be exercised and performed by such person or persons as the Central Government may appoint in this behalf;
(c) all properties and assets vested in the Foundation shall, during the period of dissolution, vest in the Central Government; and
(d) as soon as the period of dissolution expires, the Foundation shall be reconstituted in accordance with the provisions of this Act.