(i) If, out of the moneys paid to him in relation to the undertakings of either of the two companies, there is a balance left after meeting the liabilities as specified in the Second Schedule, the Commissioner shall disburse such balance to the concerned company.
(2) Where the possession of any machinery, equipment or other property has vested in the Central Government or the existing, or new. Government company under this Ordinance, but such machinery, equipment or other pro perty does not belong to either of the two companies, it shall be lawful for the Central Government or the existing, or new, Government company, as the case may be, to continue to possess such machinery or equipment or other property on the same tcrrm and conditions under which they were possessed by either of the two companies immediately before the appointed day.
Disbursement oC money by Commissioner.
Disbursement of amounts to the companies.
24. Any money paid to the Commissioner which remains Undisbursed or unclaimed on the date immediately preceding the date on which the office of the Commissioner is finally wound up, shall be transferred by the Commissioner, before his office is finally wound up, to the general revenue account of the Central Government; but a claim to any 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, and the order, if any, for the payment of the claim being treated as an order for the refund oC revenue.
Undisbursed or unclaimed amount to be deposited with the general revenue account.
CHAPTER VII MISCELLANEOUS
25. The provisions of this Ordinance shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law, other than this Ordinance, or in any decree or order of any court, tribunal or other authority.
Ordinance to have overriding effect.
26. Every contract entered into by either of the two companies in relation to any of its undertakings which has vested in the Central Government under section 3 for any service, sale or supply, and in force immediately before the appointed day, shall, on and from the expiry of a period of one hundred and eighty days from such day, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing, by1 the Central Government or the existing, or new, Government company and in ratifying such contract, the Central Government or the existing, or new, Government, company may make such alteration or modification therein as it may think fit:
Contracts tu cease Ui have effect unless ratified by the Central Government or existing, or new, Government company.
J2 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—
Provided that the Central Government or the existing, or Mew, 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, or has been entered into in bad faith, or is detriment il 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 making any attention or modification therein.
27. Any person who,—Pen;JtJes.
(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 existing, or new, Government company; 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 existing, or new, Government company or any person or body of persons specified by that Government or 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 existing, or new, Government company, as the case may be, 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 posssesion, 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 reasonable cause to believe to be false or grossly inaccurate, shall be punishable with imprisonment for a term which may extend to two vears. or with fine which mav extend to ten thousand rupees, or with both.