Jayanti Shipping Company (Acquisition of Shares) Act : Contracts in bad faith, etc., may be cancelled

Jayanti Shipping Company (Acquisition of Shares) Act,1971

Act No : 63

Section : Contracts in bad faith, etc., may be cancelled or varied.

9. Contracts in bad faith, etc., may be cancelled or varied. The company may, within three years from the appointed day, make an application to any court having jurisdiction in this behalf for the purpose of cancelling or varying any contract or agreement entered into, at any time before the issue of the notified order under sub- section (1) of section 3 of the Jayanti Shipping Company (Taking Over of Management) Act, 1966 (24 of 1966), between the company and any other person and the court may, if satisfied after due inquiry that such contract or agreement had been entered into in bad faith and is detrimental to the interests of the company, make an order cancelling or varying (either unconditionally or subject to such conditions as it may think fit to impose) that contract or agreement, and the contract or agreement shall have effect accordingly.