(1) If, out of the moneys paid to him in relation to the undertake DIS- ings of either of the two companies, there is a balance left after meeting buraement the liabilities as specified in the Third Schedule, the Commissioner shall of disburse such balance to the concerned company. t^th111 3
(2) Where the possession of any machinery, equipment or other pro- t w o c o m - perty has vested in the Central Government or a Government company p a m e sunder this Ordinance, but such machinery, equipment or other property does not belong to either of the two companies, it shall be lawful for the Central Government or the concerned 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 either of the companies immediately before the appointed day.
24. Any money paid to the Commissioner which remains undlsbursed Undisor unclaimed on the date immediately preceding the date on which the buraed or office of the Commissioner is finally wound up, shall be paid by the unclaimed Commissioner, before his office is finally wound up, to the general re- ^e depoSjt_ venue account of the Central Government; but a claim to any money ed With so transferred may be preferred to the Central Government by the per- the son entitled to such payment and shall be dealt with as if such transfer general had not been made, and the order, if any, for the payment of the claim account being treated as an order for the refund of revenue.
CHAPTER VII MISCELLANEOUS
25. The provisions of this Ordinance shall have effect notwithstand- Ordinance Ing anything inconsistent therewith in any other law for the time being t o haye in force, or in any instrument having effect by virtue of any law, other overriding than this Ordinance, or in any decree or order of any court, tribunal or other authority.
26. Every contract entered into by either of the two companies In Contracts relation to any of its undertakings which has vested in the Central Gov- t o c e a S e t o ernment under section 3 for any service, sale or supply, and in force J^t immediately before the appointed day, shall, on and from the expiry unless ratiof a period of thirty days from the appointed day, cease to have effect fled by the unless such contract is, before the expiry of that period, ratified, in Central writing, by the Central Government or the Government company con- overncerned, in which such undertaking has been vested under this Ordinance Governand in ratifying such contract, the Central Government or such Govern- ment comment company may make such alteration or modification therein as it pany.
may think fit:
.'gi2 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—
Provided that the Central Government or such Government company shall not omit to ratify a contract and shall not make any alteration or modification in a contract—
(a) unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or ia detrimental to the interests of the Central Government or such Government company;
and
(b) except after giving the parties to the contract a reasonable opportunity of being heard and except after recording in writing its reasons for refusal to ratify the contract or for mlaking any alteration or modification therein.
Penalties. 27. Any person who,—
(a) having in his possession, custody or control any property forming part of any undertaking of either of the two companies, wrongfully withholds such property from the Central Government or the Government company concerned; or
(b) wrongfully obtains possession of, or retains, any property forming part of any undertaking of either of the two companies; or
(c) wilfully withholds or fails to furnish to the Central Government or the Government company concerned or any person or body of persons specified by that Government or such Government company, any document relating to such undertaking, which may be in his possession, custody or control; or
(d) fails to deliver to the Central Government or the Government company concerned or any person or body of persons specified by that Government or Government company, any assets, books of account, registers or other documents in his possession, custody or control, relating to the undertakings of either of the two companies;
or
(e) wrongfully removes or destroys any property forming part of any undertaking of either of the two companies or prefers any claim which he knows or has reason to believe to be false or grossly inadequate, shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to ten thousand rupees, or with both.
Offences 28. (1) Where an offence under this Ordinance has been committed by com- by a company, every person, who, at the time when the offence was panies. committed 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 aeainst- and punished accordingly:
Provided that nothing contained in this sub-section shall render 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.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 513
(2) Notwithstanding anything contained in. sub-section {l),iwhere any offence under this Ordinance has been committed by a ,company and it is proved that the offence has been committed wath*ihe«onsent or connivance of, or is attributable to any neglect on tthe part ol^pnyiidupector, manager, secretary or other officer of the company, such .director, manager,, secretary or other officer shall be deemed to be ^gutltyj of ihat offence and shall be liable to be proceeded against and tpunished.accordingly.
Explanation.—For the purposes of this section,—
(a) "company" means any body corporate and Includes a firm or other association of individuals; and
(b) "director", in relation to a firm, means a.partner in.-the firm.