Section 22 in Amritsar Oil Works (Aquisition And Transfer Of Undertakings) Act, 1982
22. Contracts to cease to have effect unless ratified by the Central Government or Government company.-
Every contract, entered into by the Amritsar Sugar Mills Company in relation to the Amritsar Oil Works which have vested in the Central Government under section 3, for any service, sale or supply and in force immediately before the appointed day, shall, on and from the expiry of a period of thirty days from the appointed day, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing, by the Central Government or the Government company and in ratifying such contract the Central Government or the Government company may make such alternation or modification therein as it may think fit:Provided that the Central Government or the Government company shall not omit to ratify a contract and shall not make any alteration or modification in a contract-(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 Central Government or the 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 refusal to ratify the contract or for making any alternation or modification therein.
