(1) If, out of the moneys paid to him in relation to the undertakings of the Company, there is a balance left after meeting the liabilities in accordance with the priorities specified in the Schedule, the Commissioner shall disburse such balance to the Company.
(2) Where any machinery, equipment or other property has vested under this Act in the State Government or the existing, or new, Government company, as the case may be, but such machinery, equipment or other property does not belong to the Company, it shall be lawful for the State Government or the existing, or new, Government company, as the case may be, to continue to possess such machinery, equipment or other property on the same terms and conditions under which they were possessed by the Company immediately before the appointed day.
24. Any money paid to the Commissioner which remains undisbursed or unclaimed on the date immediately preceding the date on which the office of the Commissioner is finally wound up shall be transferred by the Commissioner to the general revenue account of the State Government; but a claim to any money so transferred may be preferred to the State Government by the persons entitled to such payment and shall be dealt with as if such transfer had not been made, and the order, if any, for the payment of the claim shall be treated as an order for the refund of the revenue.
45 of 1860.
2 of 1974.
304 The Eastern Distilleries (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1983.
XLIV of 1983.]
(Chapter VII. Miscellaneous.—Sections 25-27.)
CHAPTER VII Miscellaneous
25. The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law other than this Act, or in any decree or order of any court, tribunal or other authority.
26. Every contract entered into by the Company in relation to its undertakings 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 the date of publication of this Act in the Official Gazette, cease to have effect unless such contract is, before the expiry of the said period ratified in writing by the State Government or, as the case may be, the existing, or new, Government company, and in ratifying such contract, the State Government or, as the case may be, the existing, or new Government company may make such alterations or modification therein as it may think fit:
Act to have overriding effect.
Contracts to cease to have effect unless ratified by the State Government or existing, or new, Government company.
Provided that the State Government or, as the case may be, the existing, or new, Government company shall not omit to ratify a contract and shall not make any alteration or modification therein—
(a) unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interest of the State Government or, as the case may be, such Government company; and
(b) except after giving the parties to the contract a reasonable opportunity of being heard and except after recording in witing its reasons for its refusal to ratify the contract or for making any alteration or modification therein.
27. Any person, who— Penalties.
(a) having in his possession, custody or control any property forming part of the undertakings of the Company wrongfully withholds such property from the State Government or the existing, or new, Government company, as the case may be, or any person or body of persons authorised by that Governemnt or existing, or new, Government company, or 305 The Eastern Distilleries (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1983.
[West Ben. Act (Chapter VII.—Miscellaneous.—Section 28.)
(b) wrongfully obtains possession of, or retains, any property forming part of any undertaking of the Company or wilfully withholds or fails to furnish to the State Government or, as the case may be, the exisiing, or new, Government company or any person or body of persons authorised by that Government or Government company, any document relating to such undertaking which may be in his possession, custody or control or fails to deliver to the State Government or, as the case may be, the exisitng, or new, Government company or any person or body of persons authorised by that Government or existing, or new, Government company, any assets, books of account, registers or other documents in his possession, custody or control relating to the undertakings of the Company, or
(c) wrongfully removes or destroys any property forming part of the undertakings of the Company or prefers any claim under this Act which he knows or has reason 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.
Offences by companies.