Certified Accounts. During the subsistence of this Agreement, the Concessionaire shall maintain all documents and supporting evidences for its financial statements including agreements and documents with respect to all capital and debt raised by the Concessionaire, capital and revenue expenses towards the Project, ship/vessel/user wise information, and, as relevant, the details of cargo handled by category, tariffs charged and the amount of rates received. The Concessionaire shall submit to the Concessioning Authority a financial statement including quantity (MT) of cargo/ TEUs handled for every 6 (six) monthly period ending 30th September and 31st March every year, duly certified by its Statutory Auditors. The certificate must be furnished within 90 (Ninety) Days of the end of each such period. The Concessioning Authority shall, at its own cost, have the option to appoint another firm of chartered accountants duly licensed to practice in India (the “Additional Auditor”) and empaneled by CAG to conduct a special audit of the quantity (MT) of cargo/ TEUs handled and the financial statements, documents and supporting evidences thereto and compliances as may be mandated by or arising out of the Concession Agreement and report to the Concessioning Authority such information as may be desired by the Concessioning Authority for any period and the quantity (MT) of cargo/TEUs handled (“Special Audit”). In the event that the quantity (MT) of cargo/ TEUs handled reported by the Additional Auditor is higher than that reported by the Statutory Auditor, the auditors shall meet to resolve such differences and if they are unable to resolve the same the Concessionaire shall pay Royalty on the quantity (MT) of cargo/ TEUs handled reported by the Additional Auditor. The Concessionaire shall also pay interest @ 3% above the Bank Rate on the difference between the Royalty paid by the Concessionaire based on the quantity (MT) of cargo/TEUs handled reported by the Statutory Auditor and that payable by the Concessionaire based on the quantity (MT) of cargo/TEUs handled reported by the Additional Auditor for the intervening period between the payment of the Royalties as above. Further, the Concessionaire shall reimburse all costs, charges and expenses related to the Special Audit. Without prejudice to the aforesaid, if the difference between the quantity (MT) of cargo/ TEUs handled reported by the Additional Auditor and that reported by the Statutory Auditor is higher than [5]% the Concessioning Authority shall at its sole discretion have the right to require a Special Audit for the entire outstanding tenure of the Concession.
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Certified Accounts. During the subsistence of this Agreement, the Concessionaire shall maintain all documents and supporting evidences for its financial statements including agreements and documents with respect to all capital and debt raised by the Concessionaire, capital and revenue expenses towards the Project, ship/vessel/user wise information, and, as relevant, the details of cargo handled by category, tariffs charged and the amount of rates received. The Concessionaire shall submit to the Concessioning Authority a financial statement including quantity (MT) of cargo/ TEUs handled for every 6 (six) monthly period ending 30th September and 31st March every year, duly certified by its Statutory Auditors. The certificate must be furnished within 90 30 (Ninetythirty) Days of the end of each such period. The Concessioning Authority shall, at its own cost, have the option to appoint another firm of chartered accountants duly licensed to practice in India (the “Additional Auditor”) and empaneled by CAG to conduct a special audit of the quantity (MT) of cargo/ TEUs handled and the financial statements, documents and supporting evidences thereto and compliances as may be mandated by or arising out of the Concession Agreement Concessioning Authority and report to the Concessioning Authority such information as may be desired by the Concessioning Authority for any period and the quantity (MT) of cargo/TEUs handled (“Special Audit”). In the event that the quantity (MT) of cargo/ TEUs handled reported by the Additional Auditor is higher than that reported by the Statutory Auditor, the auditors shall meet to resolve such differences and if they are unable to resolve the same the Concessionaire shall pay Royalty on the quantity (MT) of cargo/ TEUs handled reported by the Additional Auditor. The Concessionaire shall also pay interest @ 310 year GSec plus 6% above the Bank Rate - (Six percent) on the difference between the Royalty paid by the Concessionaire based on the quantity (MT) of cargo/TEUs handled reported by the Statutory Auditor and that payable by the Concessionaire based on the quantity (MT) of cargo/TEUs handled reported by the Additional Auditor for the intervening period between the payment of the Royalties as above. Further, Further the Concessionaire shall reimburse all costs, charges and expenses related to the Special Audit. Without prejudice to the aforesaid, if the difference between the quantity (MT) of cargo/ TEUs handled reported by the Additional Auditor and that reported by the Statutory Auditor is higher than [5]% (five percent), the Concessioning Authority shall at its sole discretion have the right to require a Special Audit for the entire outstanding tenure of the Concession.
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