Section 26(1) in Assam Sillimanite Limited (Acquisition And Transfer Of Refractory Plant) Act, 1976
(1)Every contract entered into by the Company in relation to the Refractory Plant for any service, sale or supply and in force immediately before the appointed day, shall, on and from the expiry of one hundred and eighty 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 alteration or modification therein as it may think fit:Provided that a Government company shall not make any alteration or modification in a contract without the previous approval of the Central Government:Provided further 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, unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interests of the Refractory Plant.
