(1) Where it appears to the Central Government that the Ri making of any agreement under which the company has or will have m< or may have liabilities was not reasonably necessary for the purposes ^ of the activities of the company or has not been entered into in ag good faith, the Central Government may, within one year from the commencement of this Ordinance, apply to the Tribunal for relief from the agreement and the Tribunal, if satisfied after making such inquiry in the matter as it thinks fit that the agreement was not reasonably necessary for the purposes of the activities of the company or has not been entered into in good faith, may make an order cancelling or varying the agreement on such terms as it may think fit to impose and the agreement shall thereupon have effject accordingly.
(2) All the parties to the agreement which is sought to be cancelled or varied under this section shall be made parties to the proceeding.