Esso (Acquisition of Undertakings in India) Act,1974

Act No : 4

---

Section : CONTRACT TO CONTINUE UNLESS TERMINATED BY CENTRAL GOVERNMENT

SECTION 13: CONTRACT TO CONTINUE UNLESS TERMINATED BY CENTRAL GOVERNMENT

(1)Every contract entered into by Esso for any service sale or supply in India, and in force immediately before the appointed day, shall, unless terminated, under sub-section(2), within [one year] from the appointed day, continue to be of full force and effect, against or in 'favour of the Central Government or the Government company in which the undertakings.of Esso in India have vested under this Act.

(2) The Central Government may, if it is satisfied that any contract referred to in sub-section (1) is unduly onerous or has been entered into in bad faith or is detrimental to the interests of that Government or the Government company , by order in Writing, either terminate such contract of make such alterations or modifications therein may think fit::

Provided that the Central Government shall not terminate any contract or make any alteration or modification therein except after giving to the parties to the contract a reasonable opportunity of being heard and except after recording, in writing, its reasons for such termination,alteration or modification.as the case may be.

---

Read All Comments

Comments

Quick Links

• Recent Comments
• Recent Citations
• Bare Acts Alphabetically