(1)  The Central Government may by order, establish one or more Advisory Committees within a period of 90 days from the appointed day, for the purposes of:

   (a)  apportionment of assets, rights and liabilities of the companies and corporations constituted for the existing State of Jammu and Kashmir between Union territory of Jammu and Kashmir and Union territory of Ladakh;

   (b)  issues relating to Continuance of arrangements in regard to generation and supply of electric power and supply of water;

   (c)  issues related to Jammu and Kashmir State Financial Corporation;

   (d)  issues related to Companies constituted for the existing state of Jammu and Kashmir regarding the division of the interests and shares and reconstitution of Board of Directors;

   (e)  issues related to facilities in certain State Institutions; and

   (f)  issues related to any other matters not covered under this section.

   (2)  The committees so appointed under sub-section (1) of this section, shall submit their reports within six months to the Lieutenant Governor of Union territory of Jammu and Kashmir, who shall act on the recommendations of such committees within a period of 30 days from the date of receiving such reports.