Amendment status not verified — confirm the current text below against the official source.
Where the Government are of opinion that aet i.e.raafiJ:. any licensee has on or after the 1st January, 1971, disposed of any fixed asset whether by way of sale, exchange, gift, lease or otherwis.e, or incurred any expenditure, liability or obliization otherwise than in the normal course of events, with a view to benefit unduly the licensee or some other person and thereby caused loss to the Government as succee- ding owners of the undertaking, the Government shall be entitled to deduct from the amount payable to the licensee under this Act, an amount which they consider to be the loss sustained by them : Provided that before making such deduction, the licensee shall be given a notice within nine months of the vesting date to show cause against such deduction, within a period of fifteen days from the date of receipt of such notice. Ji)eductions