Section 66: Offences by supervising officer, director, etc.

Any supervising officer, director, manager, officer or employee or a public enterprise who-(a)
knowingly, recklessly, negligently, wilfully or otherwise awards, enters into, approves or negotiates the award or is otherwise connected with the negotiation, award or approval of a contract, project or any other transaction or arrangement to any person-
(i) contrary to the accepted practice, regulation or guideline; or
(ii) with no security, collateral or bond, where such security or collateral is normally required in accordance with accepted practice, regulation or guideline; or
(iii) without the approval or consent of any person or authority whose consent or approval is prescribed under any law, practice, regulation or guideline; or
(iv) recklessly, without any reasonable belief that the public enterprise has sufficient funds to finance or pay for the contract, project, or any other transaction or arrangement; or
(b) awards, approves the award of or is otherwise connected with the award or approval of a contract, project, or any other transaction or arrangement which is above his limit as laid down under any law, practice, regulation or guideline; or
(c) awards, approves the award of or is otherwise connected with the award or approval of a contract, project, or any other transaction or arrangement, to any person in contravention of any law for the time being in force, or any regulation, circular, or procedure, as laid down or approved, from time to time, by the public enterprise; or
(d) receives or participates in sharing, for personal gratification, any money, profit, property or pecuniary benefit towards or after the award, approval or procurement of a contract, project or any other transaction or arrangement to any person; or
(e) recklessly awards or approves the award of any contract where the contractor is not known to have the ability to perform or complete the contract; or
(f)
recklessly negotiates, awards, or approves-
(i) the award of a contract at inflated; or
(ii) the sale or exchange of any properly or non-cash assets of the public enterprise at deflated or undervalued,
monetary consideration, as the case may be, or recklessly without any attempt to determine its fair value,
is guilty of an offence.