(1) Where it appears to the Central Government that the making of any agreement under which the company has or will have or may have liabilities in relation to the undertaking which has vested in the Central Government under section 3, was not reasonably necessary for the purposes of the undertaking or has not been entered in good faith, that Government may, within two years from the commencement of this Duty to deliver possession of the undertaking and documents relating thereto.
Duty to furnish par' ticulars.
Payment of compensation.
Right of Government to disclaim certain agreements.
356 THE GAZETTE OF INDIA EXTRAORDINARY LPARX H— Management and admlnistra tlon of the undertaking.
Penalties.
Ordinance, apply to the Court for relief from the agreement and the Court, if satisfied after making such inquiry as it may th ink fit tha t the agreement was not reasonably necessary for the purposes of the undertaking, which has vested in the Central Government under section 3, or has not been entered into in good faith, may make an order cancelling or varying the agreement on such terms as it may think fit to impose and the agreement shall thereupon have effect accordingly.
(-) All part ies to the agreement which is sought to be cancelled or varied under this section shall be made part ies to the proceeding.
9. The under taking, which has vested in the Centra l Government under section 3, shall be managed on behalf of the Centra l Government by such person or body of persons as may be nominated by the Central Government in this behalf, and such person or body of persons shall carry on the management in accordance wi th such regulat ions as may be made by the Central Government .