(7) Tf, out of the monies paid to him in relation to the undertakings of the Company, theie is a balance left after meeting the liabilities as specified in the Schedule, the Commissioner shall disburse such balance to the Company
(2) Where the possession of any machinery, equipment or other property, has vested in the Central Government or the Brailhwaite and Company limited, or the Government company, under this Oidinance, but such machinery, equipment or other property does not belong to the Company, it shall be lawful for the Central Government, or (he Braithwaite and Company Limited, or the Government company to continue to possess such machinery or equipment or other property on the same terms and conditions under which they were possessed by the Company immediately before the appointed day.
23. Any money paid to the Commissioner which remains undisbursed or unclaimed for a period of three years from the last day on which the disbursement was made shall be transferred by the Commissioner to the gr;nerrl revenue account of the Central Government, but a claim to any Disbuiscmcnt of moncv by the Commissioner to claimants Disbursement of amounts to the Comp.tnj UnJisbuised or unelaimcd amount to be deposited to the senerjl revenue account 92 C.t/77—2 3SO THE GAZETTE OF INDIA . EXTRAORDINARY |PART If— Ouliruncc to luvi OVLI11dinij effect Contracts to LejM to huve ellect un- Ic î ratified hy th Ccntial (_io\<-> nment 01 Hraithwaite and Company I muted or Government company.
J'touxlion of action taken in good fmth Delegation ot pow crs.
money so transferred may be preferred to the Central Government by the person entitled to such payment and shall be dealt with as if such transfer had not been made, the order, if any, for payment of the claim being treated as an order for the refund of the revenue.
CHAPTER VII MISCELLANEOUS ; 24. The provisions of this Ordinance shall have effect notwithstanding anything mcoasistent therewith contained in any other law for the tune being in force or in any instrument having effect by virtue ol" any law. other than this Ordinance, or in any decree or order of any court, tribunal or other authority.
; 25. (/) Every contract entered into by the Company in relation to its • undertakings for any service, sale or supply, and in force immediately before the appointed day, shall, on and from the expiry of one hundred and eighty days from the date of promulgation of this Ordinance, cease to have effect unless such contract is, before the expiry of that period, lauhed, in writing, by the Central Government, or the Braithwaite and Company Limited, or the Government company, and, in ratifying such contiact, the Central Government, or the Braithwaite and Company Limited, oi the Government company may make such alteration or modification therein as it may think fit •
Provided that the Central Government, or the Bi aithwaitc and Company Limited, or the Government company shall not omit to ratify a contract, and shall not make any alteration or modification in a contract, unless it is satisfied that such contract is unduly onerous oi has been entered into hi bad faith or is detrimental to the interests of the Central Government, or the Braithwaite and Company Limited, or the Government company,
(2) The Central Government, or the Braithwaite and Company Limited, or the Government company shall not omit to ratify a contract, and shall not moke any alteration or modification therein, except aftef giving to the parties to the contract a reasonable opportunity of being heard and except after recording, m writing, its reasons for refusal to ratify the contract or for making any alteration or modification therein.
1 26. (1) No suit, prosecution, or other legal proceeding shall he against th© Centra] Government or any officer of that Government, or the Braithwaite and Company Limited, or the Government company, or any officer or other person authorised by that Government, or the Braithwaite and Company Limited, or the Government company for anything which is in good faith done or intended to be done under this Ordinance.
(2) No suit or other legal proceeding shall he against the Central Government or any of its officers or other employees, or the Braithwaite and Company Limited, or the Government company, or any officer or other person authorised by that Company for any damage caused or likely to be caused by anything which is in good faith done or intended to be done tinder this Ordinance.
27. (I) The Central Government may, by notification, direct that all or any of the powers exercisable by it under this Ordinance, other than the power conferred by section 30, may also be exercised by such person or pci"onb i<s may be specified in the notification.
SEC. 1] THE GAZETTE OF INDIA : BXTRAORDINARY 381
(2) Whenever any delegation of power is made under sub-section ( i ) , the person to whom such power has been delegated shall act under [he direction, control and supervision of the Central Government
28. Any person who,— i
(a) having in his possession, custody or contiol any pioperty forming part of any undertaking of the Company, wrongfully withholds such property from the Centra] Government, or the Braithwaite and Company Limited, or the Government company ; or
(h) wrongfully obtains possession of, or retains, any property iGrmin'g part of any undertaking of the Company or wilfully withholds or faiis to furnish to the Central Government, or the Braithwaite and Company Limited, or the Government company, or any person or body of persons specified by that Government, or the Braithwaike and Company Limited, or the Government company, any document relating to such undertaking which may be in his possession, custody or control or fails to deliver to the Central Government, or the Braithwaite and Company Limited, or the Government company, or any person or body of persons specified by that Government, or the Braithwaite and Company Limited, or the Government company, any assets, books of account, registers or other documents in1 his possession, custody oi control, relating to the undertaking of the Company , or
(c) wrongfully removes or destroys any property forming part of any undertaking of the Company or prefeis any claim under this Ordinance which he knows or has reasonable cause to believe to be false or grossly inaccurate, bhali be punishable with imprisonment for a term which may extend to two years, or with fine winch may extend to ten thousand rupees, or with both.
29. (V) Where an offence under this Ordinance has been committed c by a company, every person who at the time the offence was committed c was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:
Provided that nothing contained in this sub-section shall reader any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence
(2) Notwithstanding anything contained in sub-section (1), where any offence under this Ordinance has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary, or other officer of the company, such director, manager, secretary, or other officer shall be deemed to be guilty of that offence and shall be liable to he proceeded against and punished accordingly.
Explanation.—For the purposes of this section,—
(a) "company" means any body corporate and includes a firm or other association of individuals ;
(h) "director", in relation to a firm, means a partner in1 the firr Penalties.
Offences by companies 382 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II— Power to make rules Power to lemovc difficulties Declaration as to the policy of the State.
3tt. (/) Ihe Central Government may, by notification, make rules for carrying out the provisions of this Ordinance
(2) In particular, and without prejudice to the generality of the foregoing powei, such rules may provide for all or any of the following matters, namely • -
(a) the time within which, and the manner in which, an intimation shall be given to the Commissioner under sub-section (5) of section 4;
(b) the manner in which the monies in any provident fund or other fund referred to in section 13 shall be dealt with ;
(c) any other matter which is required to be, or may be, prescribed.
(3) Every rule made by the Central Government under this Ordinance shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session for a total period of thirty days, which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be ; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
31. If any difficulty arises in giving effect to the provisions of this Ordinance, the Centra] Government may, by order, not inconsistent with the provisions of this Ordinance, remove the difficulty :
Provided that no such order shall be made after the expiry of a period of two years from the date on which this Ordinance receives the assent of the President
32. It is hereby declared that this Ordinance is for giving effect to the policy of the State towards securing the principles specified in clause (h) of article 39 of the Constitution
Explanation.—In this section, "State" has the same meaning as in article 12 of the Constitution THE SCHEDULE (See sections 18, 19, 20 and 22) ORDER OF PRTORITIES FOR THB DISCHARGE OF LIABILITIES OF THE COMPANY
PART A Post-take-over management period Category I Wages, salaries and other dues of the employees of the Company.
Category II (0 Loans advanced by the Central Government,
(ii) Loans advanced by Banks.
[SEC. I] THE GAZETTE OF INDIA : EXTRAORDINARY 383 Category III Any credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations.
Category IV Any other loans Category V Revenue, taxes, cesses, rates or any other dues to the Central Government or a State Government
PART B Pre-take-over management period Category VI Arrears in relation to contributions to be made by the Company to the provident fund, salaries, wages and other amounts due to the employees of the Company.
Category VII Overdrafts from Banks, Category VIII Revenue, taxes, cesses, rates or any other dues to the Central Government, a State Government, a Local Authority or a State Electricity Board Category IX
(i) Any credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations.
(ii) Any other dues.
K. K. SUNDARAM, Secy, to the Govt of India.
PR1NIED BY THE MANAGER, GOVT OF INDIA PRESS, RING ROAD, NEW D B L J M - 1 10064 AND PUULISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI-110054, 1977