Contracts, transfers etc. in bad faith may be cancelled or varied

General202516 sections

Statutory text

(1) If the Government is satisfied, after such inquiry, as it may think fit, that any contract, transfer, lease, agreement or any other arrangement entered into at any time in relation to the Institution with any other person, in so far as such contract, transfer, lease, agreement or any other arrangement relates to the management of the Institution, has been entered into in bad faith, or is detrimental to the interests of the Institution, it may make an order cancelling or varying (either unconditionally or subject to such conditions, as it may think fit to impose) such contract, transfer, lease, agreement or any other arrangement and thereafter, the contract, transfer, lease, agreement or any other arrangement shall have effect accordingly: Provided that no contract or agreement shall be cancelled or varied except after giving to the parties to the contract or agreement a reasonable opportunity of being heard.
(2) Notwithstanding anything contained in any law for the time being in force, no person in respect of whom any contract, transfer, lease, agreement, or other arrangement is terminated under sub-section (1), shall be entitled to claim any compensation for the premature termination of such transfer, lease, agreement, or other arrangement.

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