(1)This section shall apply where any existing air company has, after the first day of July, 1952, and before the appointed date,-(a)made any payment to any person without consideration or for an inadequate consideration;(b)sold or disposed of any of its properties or rights without consideration or for an inadequate consideration;(c)acquired any property or rights for an excessive consideration;(d)entered into or varied any agreement so as to require an excessive consideration to be paid or given by the company;(e)entered into any other transaction of such an onerous nature as to cause a loss to or impose a liability on the company exceeding any benefit accruing to the company; or(f)sold or otherwise transferred any aircraft, equipment, machinery or other property of book value exceeding rupees ten thousand, and the payment, sale, disposal, acquisition, agreement or variation thereof, or other transaction or transfer, was not reasonably necessary for the purposes of the company or was made with an unreasonable lack of prudence on the part of the company, regard being had in either case to the circumstances at the time.
