(1) Any person who—
(a) having in his possession, custody or control any property forming part of the undertaking of the company, wrongfully withholds such property from the Central Government or wilfully applies it to purposes other than those expressed in or authorised by this Ordinance; or
(b) wrongfully obtains possession of any property forming part of the undertaking of the company which has vested in the Central Government under this Ordinance; or
(c) wilfully withholds or fails to furnish to the Central Government or any person specified by that Government as required by sub-section (2) of section 7 any document which may be in his possession, custody or control; or
(d) wilfully fails to furnish any particulars required under section 8; or
(e) when required to furnish any such particulars, furnishes any particulars which are false and which he either knows or believes to be false or does not believe to be true, shall be punishable with imprisonment for a term which may extend to two years, or with fine, or with both:
management otundertaking.
Appointment of adminlstratorg.
Penalties 542 THE GAZETTE OF INDIA EXTRAORDINARY [PART II Protection of action taken und«r Ordinance.
Power to make rules.
Provided that the court trying any offence under clause (a) or clause (b) of this sub-section may at the time of convicting the accused person order him to deliver up or refund within a time to be fixed by the court any property wrongfully withheld or wilfully misapplied or wrongfully obtained.
(2) No court shall take cognizance of an offence punishable under this section except with the previous sanction of the Central Government or of an officer authorised by that Government in this behalf.
15. No suit, prosecution or other legal proceeding shall lie against the Central Government or an administrator or an officer or other employee serving in connection with the affairs of the undertaking for anything which is in good faith done or intended to be done under this Ordinance.
1G. (1) The Central Government may, by notification in ihe Official Gazette, make rules to carry out the purposes of this Ordinance.
(2) 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 successive sessions, and if, before the expiry of the session in which it is so laid or the session immediately following 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.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 54^ THE SCHEDULE (See section 10) PRINCIPLES FOR DETERMINING COMPENSATION FOR ACQUISITION OF THE UNDERTAKING Paragraph I.—The compensation to be paid by the Central Government to the company in respect of the acquisition of the undertaking thereof shall be an amount equal to the sum total of the value of the properties and assets of the company on the date of commencement of this Ordinance calculated in accordance with the provisions of paragraph II less the sum total of the liabilities and obligations of the company as on the said date calculated in accordance with the provisions of paragraph III.
Paragraph II.—(a) The market value of any land or buildings;
(b) the actual cost incurred by the company in acquiring any plant, machinery or other equipment which has not been worked or used and is in good working condition and the written-down value (determined in accordance with the provisions of the Income-tax Act, 1961) of any other plant, machinery or equipment;
.(c) the market value of any shares, securities or other investments held by the company;
(d) the total amount of the premiums paid by the company in respect of all leasehold properties reduced in the case of each such premium by an amount which bears to such premium the same proportion as the expired term of the lease in respect of which such premium shall have been paid bears to the total term of the lease;
(e) the amount of debts due to the company, whether secured or unsecured, to the extent to which they are reasonably considered to be recoverable;
(f) the amount of cash held by the company, whether in deposit with a bank or otherwise;
(g) the value of all tangible assets and properties other than those falling within any of the preceding clauses.
43 of WOl 544 T H E GAZETTE OF INDIA EXTRAORDINARY [PART II—SEC. 1) Paragraph III.—The total amount of liabilities and obligations incurred by the company in connection with the management and administration of the undertaking and subsisting immediately before Ihe commencement of this Ordinance.
S. RADHAKRISHNAN, President.
R. C. S. SARKAR, Secy, to the Govt, of India.
PRINTED IK INDIA BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PHESB, MINTO ROAD, NEW DELHI AND PUBLISHED BY THK MANAGER OV PUBLICATIONS, »KLHI. 1965,