Amendment status not verified — confirm the current text below against the official source.
Substituted by Act 23 of 1978 w.e.f. 18.12.1974. (3) Where the Tribunal is satisfied that the transaction in respect of which an application is made is a transaction to which this section applies, then, unless, the Tribunal is also satisfied that the transaction was a proper transaction made in the ordinary course of business, regard being had to the circumstances at the time, and was not in any way connected with any provisions made by this Act, or in anticipation of the making of any such provision, the Tribunal shall make such order against any of the parties to the application as it thinks just having regard to the extent to which the parties were respectively responsible for the transaction or benefited from it and all the circumstances of the case. (4) Where an application is made to the Tribunal under this section in respect of any transaction and the application is determined in favour of the Government, the Tribunal 13 shall have exclusive jurisdiction to determine any claims outstanding in respect of the transaction. On any such application, the Tribunal may order that Government deduct from the amount payable to the company under this Act, such amount as it may consider to be the loss sustained by the Government by virtue of any transaction referred to in sub-section (1). (5) Any amount ordered by the Tribunal to be deducted from the amount under sub- section (4) shall be a first charge on the amount payable to the company and shall have priority over the claims of any person in respect of the amount payable to the company. (6) For the purpose of satisfying the first charge referred to in sub-section (5), the Government shall withhold ten per centum of the amount payable to the company under section 5. (7) After satisfying the first charge in favour of the Government under sub-section (5), the balance, if any of the amount withheld under sub-section (6), shall be paid to the company: Provided that the Tribunal may at any earlier time order payment of such amount as is in excess of the amount which in its opinion would be sufficient to satisfy the first charge under sub-section (5): Provided further that all payments under this sub-section shall be made in cash with interest at half percent from the vesting date.