(1) The Director or Managing Director may, on his own motion, or on an application made to him, call for and examine the proceeding of any Market Committee and the State Government may on its own motion or on an application made to it, call for and examine the proceedings of the Director or Managing Director, for the purpose of satisfying himself or itself as the case may be, as to the legality or propriety of any decision taken or order passed and as to the regularity of the proceedings of the Market Committee or the Director or Managing Director, as the case may be. If in any case, it appears to the Director or Managing Director or the State Government that any such decision or order or proceeding so called for should be modified, annulled, reversed, or remitted for reconsideration he or it may pass such order thereon as he or it may deem fit:
Provided that every application to the State Government for the exercise of the powers under this section shall be preferred within sixty days from the date on which the decision or order to which the application relates was communicated to the applicant;
Provided further that no such order shall be passed under subsection (1) without giving a reasonable opportunity of being heard to the parties affected thereby.
(2) The State Government, may suspend the execution of the decision taken or order passed by the Market Committee, Director or Managing Director, pending exercise of its powers under subsection (1).