(1) Where it appears to the Government that the making of any such agreement as is referred to in section 9 or any of the terms thereof under which the Government has or will have liabilities was not reasonably necessary for the purposes of the activities of the company or has not been entered into in good faith, the Government may, make an order cancelling or varying (either unconditionally or subject to such conditions as it may think fit to impose) such agreement and thereafter the agreement shall have effect accordingly:
Provided that no agreement shall be cancelled or varied except after giving to the parties to the agreement a reasonable opportunity of being heard.
(2) Any person, aggrieved by an order made under sub-section (1) may within such time as may be prescribed make an application to the Tribunal for the variation or reversal of such order and thereupon the Tribunal may confirm, modify or vary such order.