1 THE HARYANA ELECTRICITY REFORM ACT, 1997 ... - HIPA

Annual Accounts oflicensee.22. Every licensee shall, unless expressly exempted by the licence, prepare andrender to the Commission, or before the date in each year specified in the licence, anannual statement or statements of accounts of its undertaking and of each separatebusiness unit as specified in the licence made up to such date, in such form andcontaining such particulars as may be set out in the licence. It shall be a term of thelicence that such statements shall be published.PART VIIREORGANISATION OF THE ELECTRICITY INDUSTRYReorganisation of StateElectricity Board.23. (1) On and with effect from the date on which a transfer scheme prepared by theState Government to give effect to the object and purposes of this Act, is published orsuch further date as may be prescribed by the State Government (hereinafter referred toas the effective date), any property, interest in property, rights and liabilities whichimmediately before the effective date belong to the Board shall vest in the StateGovernment on such terms as may be agreed between the State Government and theBoard.(2) Any property, interest in property, rights and liabilities vested in the StateGovernment under sub-section (1) shall be revested by the State Government in theTransco and generating company(ies) in accordance with the transfer scheme sopublished along with such other property, interest in property, rights and liabilities ofState Government as may be specified in such scheme on such terms and conditions asmay be agreed between the State Government and the Transco or generatingcompany(ies), as the case may be. The State Government would consult the majorlenders while finalizing the transfer scheme. The State Government would continue toguarantee all the liabilities transferred to the successor companies.Explanation: For the purposes of this chapter generating company(ies) shall mean thecompany or companies to be incorporated by the State Government to implement thereorganization of the Electricity Industry in the State.(3) Such of the rights and power exercisable by the Board under the ElectricitySupply Act, 1948 as the State Government may, by notification specify shall beexercisable by the Transco or generating company(ies), as the case may be, for thepurpose of discharging the functions and duties with which it is charged.(4) Notwithstanding any thing in this section, where(a) the transfer scheme involves the transfer of any property or rights to anyperson or undertaking not wholly owned by the State Government, the28