The provisions of this Act shall have effect notwithstanding anything inconsistent therewith 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.
Section 26 - Contracts to cease to have effect unless ratified by Central Government or Government company
Every contract entered into by the Company in relation to any of its undertakings, which has vested in the Central Government under section 3, for any service, sale or supply, and in force immediately before the appointed day, shall, on and from the expiry of a period of thirty days from the date on which this Act receives the assent of the President, cease to have effect unless such contract is, before the expiry of that period, ratified in writing, by the Central Government or the Government company in which such undertaking has been vested under this Act and in ratifying such contract, the Central Government or the Government company may make such alterations or modifications therein as it may think fit;
Provided that the Central Government or the Government company shall not omit to ratify a contract and shall not make any alteration or modification in a contract--
(a) unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interests of the Central Government or the Government company; and
(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.
Section 27 - Penalties
Any person who,--
(a) having in its possession, custody or control any property forming part of the undertakings of the Company, wrongfully withholds such property from the Central Government or the Government company; or
(b) wrongfully obtains possession of, or retains, any property forming part of the undertakings of the Company; or
(c) wilfully withholds or fails to furnish to the Central Government or the Government company or any person or body of persons specified by that Government or Government company, any document relating to such undertakings, which may be in his possession, custody or control; or
(d) fails to deliver to the Central Government or the Government company or any person or body of persons specified by that Government or 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
(e) 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 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.
Section 28 - Offences by companies
(1) Where an offence under this Act has been committed by a company, every person who, at the time the offence was committed was in charge of and was responsible to the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly :
Provided that nothing contained in this sub-section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1), where any offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
Explanation.-- For the purposes of this section,--
(a) "company" means any body corporate and includes a firm or other association of individuals; and
(b) "director", in relation to a firm, means a partner in the firm.
Section 29 - Protection of action taken in good faith
(1) No suit, prosecution or other legal proceeding shall lie against the Central Government or any officer or other employee of that Govt. or the Custodian or the Government company or other person authorised by that Government, Custodian or Government company for anything which is in good faith done or intended to be done under this Act.
(2) No suit or other legal proceeding shall lie against the Central Government or any officer or other employee of that Government or the Custodian or the Government company or other person authorised by that Government, Custodian or Government company for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act.
Section 30 - Delegation of powers
(1) The Central Government may, by notification, direct that all or any of the powers exercisable by it under this Act, other than the powers conferred by this section and sections 31 and 32, may also be exercised by such person or persons as may be specified in the notification.
(2) Whenever any delegation of power is made under sub-section (1), the person to whom such power has been delegated shall act under the direction, control and supervision of the Central Government.
Section 31 - Power to make rules
(1) The Central Government may, by notification, make rulesa carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely :--
(a) the time within which, and the manner in which, an intimation referred to in sub-section (3) of section 4 shall be given;
(b) the form and manner in which, and the conditions under which, the Custodian or Custodians shall maintain the accounts as required by section 12;
(c) the manner in which the moneys in any provident fund or other fund referred to in Section 14 shall be dealt with;
(d) any other matter which is required to be, or may be, prescribed.
(3) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
Section 32 - Power to remove difficulties
If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, not inconsistent with the provisions of this Act, remove the difficulty :
Provided that no such order shall be made after the expiry of a period of two years from the date on which this Act receives the assent of the President.