10. Act to have overriding effect.—The provisions of this Act shall have effect notwithstanding
anything inconsistent therewith contained in any other law for the time being in force or any instrument
having effect by virtue of any law, other than this Act, or in any decree or order of any court, tribunal or
other authority.
11. Penalties.—Any person who,—
(a) having in his possession, custody or control any property forming part of any undertaking of
either of the two specified companies, wrongfully withholds such property from the Central
Government; or
(b) wrongfully obtains possession of, or retains any property forming part of any undertaking of
either of the two specified companies; or
(c) wilfully withholds or fails to furnish to the Central Government or any person or persons
specified by that Government any document relating to such undertaking, which may be in his
possession, custody or control; or
(d) fails to deliver to the Central Government or any person or persons specified by that
Government, any assets, books of account, registers or other documents in his possession, custody or
control, relating to the undertakings of either of the two specified companies; or
(e) wrongfully removes or destroys any property forming part of any undertaking of either of the
two specified companies or prefers any claim which he knows or has reason to believe to be false or
grossly inaccurate,
shall be punishable with imprisonment for a term which may extend to two years, or with fine which may
extend to ten thousand rupees, or with both.
12. Offences by companies.—(1) Where an offence under this Act has been committed by a
company, every person who, at the time of the offence was committed, was in charge of, and was
responsible to, the company for the conduct of the business of the company, as well as the company, shall
be deemed to be guilty of the offence and shall be liable to be proceeded against and punished
accordingly:
Provided that nothing contained in this sub-section shall render any such person liable to any
punishment, if he proves that the offence was committed without his knowledge or that he had exercised
all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1), where any offence under this Act has been
committed by a company and it is proved that the offence has been committed with the consent or
connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other
officer of the company, such director, manager, secretary or other officer shall be deemed to be guilty of
that offence and shall be liable to be proceeded against and punished accordingly.
Explanation.—For the purposes of this section,—
(a) “company” means any body corporate and includes a firm or other association of individuals;
and
(b) “director”, in relation to a firm, means a partner in the firm.
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13. Protection of action taken in good faith.—(1) No suit, prosecution or other legal proceeding
shall lie against the Central Government or any officer or other employee of that Government or any
officer or other person authorised by that Government for anything which is in good faith done or
intended to be done under this Act.
(2) No suit or other legal proceeding shall lie against the Central Government or any officer or other
employee of that Government or any officer or other person authorised by that Government for any
damage caused or likely to be caused by anything which is in good faith done or intended to be done
under this Act.
14. Delegation of powers.—(1) The Central Government may, by notification, direct that all or
any of the powers exercisable by it under this Act, other than the powers conferred by this section and
sections 15 and 16 may also be exercised by such person or persons as may be specified in the said
notification.
(2) Whenever any delegation of power is made under sub-section (1), the person to whom such power
has been delegated shall act under the direction, control and supervision of the Central Government.
15. Power to make rules.—(1) The Central Government may, by notification, make rules for
carrying out the provisions of this Act.
(2) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it
is made, before each House of Parliament, while it is in session, for a total period of thirty days which
may be comprised in one session or in two or more successive sessions, and if, before the expiry of the
session immediately following the session or the successive sessions aforesaid, both Houses agree in
making any modification in the rule or both Houses agree that the rule should not be made, the rule shall
thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that
any such modification or annulment shall be without prejudice to the validity of anything previously done
under that rule.
16. Power to remove difficulties.—If any difficulty arises in giving effect to the provisions of this
Act, the Central Government may, by order, not inconsistent with the provisions of this Act, remove the
difficulty:
Provided that no such order shall be made after the expiry of a period of two years from the appointed
day.