(2)Notwithstanding anything contained in sub-section (1), no compensation shall be payable on account of the cancellation of any existing permit or any modification of the terms thereof, when a permit for an alternative route or area in lieu thereof has been offered by [the State Transport Authority or the Regional Transport Authority, as the case may be,] [Substituted 'Regional Transport Authority' by Act 56 of 1969, section 43, for the words (w.e.f. 2-3-1970).] and accepted by the holder of the permit.
