(1) Where any liability of the Company in relation to any textile undertaking arising out of any item specified in Part I of the Schedule is not discharged fully by the Commissioner out of the amounts paid to him under this Ordinance, the Commissioner shall intimate in writing to the Central Government the extent of the liability which remains undischarged and that liability shall be assumed by the Central Government-
(2) The Central Government may, by order, direct the National Textile Corporation to take over the liability assumed by the Central Government under subjection (i) , and on receipt of such direction if shall be the duty of that Corporation to discharge such liability.
2fi. Every contract, entered into by the Company in relation to anv textile undertaking which has vested m the National Textile Corporation under sub-section (2) of section .1, for any service, sale or sunplv and in force immediately before the appointed day. shall, on and from the expiry of a period of one hundred and eighty days from the date of promulgation of this Ordinance, cease to have effect unless such contract is, before the expiry of that period, ratified in writing bv the National Textile Corporation, and in ratifying such contact the National Textile Corporation may make such alteration*.. o\ modifications therein as it may think fit:
Provided that the National Textile Corporation shall not omit to ratify a contract and shall not make any alteration or modification in a contract- Cd) unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental ft the i rests of the textile undertaking concerned, Ordinance to have overl i n g effect.
tlon of liability.
Contracts to cease to have effect unless ratified National Textile Corporation.
12 THE GAZETTK OF INDIA EXTBAORDINARY [PART II— Penalties Offencw by Companies.
(b) except after giving 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.
27. Any person who,—
(a) having in his possession, custody or control any property forming part of any of the textile undertakings, wrongfully withholds such property from the National Textile Corporation; or
(b) wrongfully obtains possession of, or retains any property forming part of any of the textile undertakings; or
(c) wilfully withholds or fails to furnish to the National Textile Corporation or any person or body of persona specified by that Corporation, any document or inventory relating to any of the textile undertakings which may be in his possession, custody or control;
or
(d) wilfully fails to deliver to the National Textile Corporation any inventory or property and assets forming part of any of the textile undertakings; or
(e) fails to deliver to the National Textile Corporation or any person or body of persons spe^lfl^d by that Corporation, any assets, books of account, registers or other documents in his possession, custody or control relating to any of the textile undertakings;
or
(f) wrongfully removes or destroys any property forming part of any of the textile undertakings of prefers anv claim under this Ordinance which he knows or has reason to believe to be false or grossly inaccurate, shall he punishable with imprisonment for a term which may extend to two years, and with fine which may extend to ten thousand rupees.