(1) Subject to the control of the Board, the Directors appointed under section 10 shall take such steps as may be necessary for the purpose of efficiently managing the business of the oil industrial concern and shall exercise such powers and perform such duties as may be prescribed.
     (2) Without prejudice to the generality of the powers vested in them under sub-section (1), the Directors appointed under section 10 may, with the previous approval of the Board, make an application to a court for the purpose of cancelling or varying any contract or agreement entered into, at any timebefore the issue of the notified order under section 10, between the oil industrial concern 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 concern, 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 accordingly stand cancelled or, as the case may be, have effect as so varied.