Amendment status not verified — confirm the current text below against the official source.
Where the State Government is of the opinion that the company has, on or before the appointed day, disposed of any fixed asset whether by way of sale, exchange, gift, lease or otherwise or incurred any expenditure, liability or obligation otherwise than in the normal course of events, with a view to benefit the company or some other pe,rson unduly and thereby caused loss to the State Government as the succeding.owner of the company, the State Government shall be entitled to deduct such amount from the amount payable to the company u"nder this Act which it considers to be reasonable to compensate the loss caused by company: Provided that before 111aking such deduction the company shall be given a i:iotice not later than 12 mon"ths from the date of receipt of the assessment report from the Commission under sub-section (4) of section 14, to show cause against such deduction within a period. of fifteen days from the· date of receipt of such notice.