Amendment status not verified — confirm the current text below against the official source.
Every contract entered into by the Company in relation to its Contracts to undertakings for any service, sale or supply, and in force immediately cease to have effect before the appointed day, shall, on and from the expiry of one hundred unless and eighty days from the date of publication of this Act in the Official ratified by the State Gazette, cease to have effect unless such contract is, before the expiry Government 217 The Saraswaty Press Limited (Acquisition and Transfer of Undertakings) Act, 1984. [West Ben. Act (Chapter VIL—Miscellaneous.—Section 28.) or existing, or new, Government company. 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 modifications therein as it may think fit: 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 writing its reasons for its refusal to ratify the contract or for making any alteration or modification therein. Penalties. 28. Any person, who— (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 Government or existing, or new, Government company, or (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 existing, 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 existing, 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, 218 The Saraswaty Press Limited (Acquisition and Transfer of Undertakings) Act, 1984. XXXIII of 1984.] (Chapter V1L—Miscellaneous.—Sections 29-31.) 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.