(1)  A Food Corporation shall, before the commencement of each year, prepare a statement of programme of its activities during the forthcoming year as well as a financial estimate in respect thereof.

   (2)  The statement prepared under sub-section (1) shall not less than three months before the commencement of each year, be submitted for approval—

   (a)  in the case of the Food Corporation of India, to the Central Government;

   (b)  in the case of a State Food Corporation, to the Food Corporation of India.

   (3)  The statement and the financial estimate of a Food Corporation referred to in sub-section (1) may, with the approval of the Central Government, in the case of the Food Corporation of India, or with the approval of the Food Corporation of India in the case of a State Food Corporation, be revised by the Food Corporation.