(1) If the Central Government is satisfied, after such inquiry as it Contracts may think fit, that any contract or agreement entered into, at any time etc.. in bad within twelve months immediately preceding the appointed day, between ^e can*-87 the textile company or its agent and any other person, in relation to its ceiled or sick textile undertaking, has been entered into in bad faith and is va r i eddetrimental to the interests of the sick textile undertaking, it may make an order cancelling or varying (either unconditionally or subject to such conditions as it may think fit to impose) the contract or agreement and thereafter the contract or agreement shall have effect accordingly:
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Provided that no contract or agreement shall be cancelled or varied except after giving to the parties to the contract or agreement a reasonable opportunity of being heard.
(2) Any person aggrieved by an order made under sub-section (1) may make an application to the principal Court of civil jurisdiction within the local limits of whose jurisdiction the registered office of the textile company is situated for the variation or reversal of such order and, thereupon such Court may confirm, modify or reverse such order.
Power to 10. If the Custodian or Custodian-General is of opinion that any conterminate tract of employment entered into by any textile company or its agent, tract of in relation to its sick textile undertaking, at any time before the employ- appointed day, is unduly onerous, he may, by giving to the employee one month's natice in writing or the salary or wages for one month in lieu thereof, terminate such contract of employment.
Manage- 11. (1) Pending the taking over by a Custodian, appointed under j^ck^ex section 5, of the physical possession of any sick textile undertaking, the tile under- person in charge of the management of such undertaking immediately taendh? before the appointed day shall, on and from the appointed day, be in taking over charge of the management of such undertaking for and on behalf of the physical Central Government and the management of such undertaking shall by the De carried on by such person subject to the provisions contained in sub- Custodian, section (2) and such directions, if any, as the Central Government may give to him, and no other person, including the textile company, shall, so long as such management continues, exercise any powers of management in relation to the sick textile undertaking.
(2) (a) No person in charge, under sub-section (1), of a sick textile undertaking shall; or
(b) no person in charge of the textile undertaking of a company in relation to which any investigation has been ordered, after the promulgation of this Ordinance, under section 15 or section 15A of the Industries (Development and Regulation) Act, 1951, shall, during the g5 of I 9 5 I , period of operation of this Orinance, without the previous approval of the pergon specified by the Central Government in this behalf in respect of that undertaking (hereinafter referred to as the "authorised person"),—
(i) incur any expenditure from the assets • appertaining to the textile undertaking otherwise than for the purpose of making routine payments of salaries or commissions to employees, agents or for the purpose of meeting the routine day to day expenditure;
(ii) transfer or otherwise dispose of any such assets or create any charge, hypothecation, lien or other incumbrance thereon;
(Hi) invest in any manner any monies forming part of such assets
(iv) acquire any immovable property out of the monies forming part of such assets;
(v) enter into any contract of service or agency, whether expressly or by implication, for purposes connected wholly or partly with the textile undertaking or vary the terms and conditions of any contract relating to any such transaction subsisting on the appointed day.
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(3) The approval of the authorised person may be given either generally in relation to certain classes of transactions relating to the textile undertaking nr specially in relation to any of its transactions.