(1) Every contract entered into by the owner or occupier of the textile undertaking for any service, sale or supply and in force immediately before the appointed day shall, on and from the expiry of one hundred and eighty days from such date, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing by the Corporation and in ratifying such contract the Corporation may, with the previous approval of the State Government, make such alteration of modification therein as it may think fit:
Provided that the Corporation 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 undully onorous or has been entered into in bad faith or is deterimental to the interest of the textile undertaking.
(2) The Corporation shall not omit to ratify a contract and, shall not make any alteration or modification therein, except after giving to 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 alteration or modification therein.
26. Any person who,-
(a) having in his possession, custody or control any property forming part of the textile undertaking, wrongfully withholds such property from the State Government or the Corporation or any person authorised by the Government or the Corporation, as the case may be, in this behalf, or
(b) wrongfully obtains possession of, or retains, any property forming part of the textile undertaking or wilfully withholds or fails to furnish to State Government the Corporation or any person specified by the Governm ent or the Corporation, as the case may be, any document relating to such textile undertaking which may be in his possession, Undisbursed or unclaimed amount to be deposited to the General Revenue account Act to over ride all other enactments Contract to cease to have effect unless ratified by the Corporation Penalties 11 custody or control or fails to deliver to the Corporation or any person specified by that Corporation any assets, books of account, registers or other documents in Ms custody relating to the textile undertaking, or
(c) wrongfully removes or destroys any property forming part of the textile undertaking or prefers any claim under this Act 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 years, or with fine which may extend to ten thousand rupees, or with both.