Section 28. Contracts to cease to have effect unless ratified by the foundation

28. Contracts to cease to have effect unless ratified by the foundation.— Every contract entered into by the Society, trust or body in relation to its undertakings 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 that day, cease to have effect unless such contract is, before the expiry of the said period, ratified in writing by the Central Government or, as the case may be, the Foundation, and in ratifying such contract, the Central Government or, as the case may be, the Foundation may make such alterations or modifications therein as it may think fit: Provided that the Central Government or, as the case may be, the Foundation shall not omit to ratify a contract and shall not make any alteration or modification therein,— (a) 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 Central Government or, as the case may be, the Foundation; and (b) except after giving the parties to the contract a reasonable opportunity of being heard and except after recording in writing its reasons for its refusal to ratify the contract or for making any alteration or modification therein. 29. Penalties.— A person who,— (a) having in his possession, custody or control any property forming part of the undertakings of the Society, trust or body, wrongfully withholds such property from the Central Government or, as the case may be, the Foundation or any person or body of persons authorised by that Government or the Foundation; or (b) wrongfully obtains possession of, or retains, any property forming part of any undertaking of the Society, trust or body or wilfully withholds or fails to furnish to the Central Government or, as the case may be, the Foundation or any person or body of persons authorised by that Government or the Foundation, any documents relating to such undertakings which may be in his possession, custody or control, or fails to deliver to the Central Government or, as the case may be, the Foundation or any person or body of persons authorised by that Government or the Foundation any assets, books of account, registers or other documents in his possession, custody or control relating to the undertakings of the Society, trust or body; or (c) wrongfully removes or destroys any property forming part of the undertakings of the Society, trust or body, 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.