With effect from the date of coming into force of this Act, the following consequences shall follow:-
(a) the transactions as enumerated in Schedule-I and any instrument including a deed of sale, memorandum of understanding and agreement relating to property enumerated in Schedule-II entered into by or on behalf of the State of Andhra Pradesh in exercise of its executive power and which have the effect of transferring or agreeing to transfer by way of sale, lease or otherwise, the State ownership or interest therein to any private party shall stand annulled and be deemed to be void from the date on which they were entered into or executed as being unconscionable and not in public interest;
(b) any arbitration clause forming part of any agreement being a part of such instrument as is referred to in clause (a) shall also stand annulled and be deemed to be void from its inception;
(c) possession over property enumerated in Schedule - II shall forthwith stand resumed and restored to the Government of Telangana;
(d) all rights and liabilities arising out of or incidental to the said transaction or instrument shall cease and determine except for payment of compensation as provided by section 3.