Lawgist7Payment by the Central Government to the Commissioner
(1) The Central Government shall, within thirty days from the specified date,pay, in cash, to the Commissioner, for payment to the shareholders of the Company,--
(a) an amount equal to the amount specified in sub-section (1) of section 5; and
(b) an amount equal to the amount determined under sub-section (2) of section 5.
(2) A deposit account shall be opened by the Central Government in favour of the Commissioner, in the Public Account of India, and every amount paid under this Act to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit account shall be operated by the Commissioner.
(3) The interest accruing on the amount standing to the credit of the deposit account referred to in sub-section (2), shall enure to the benefit of the shareholders of the Company.
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- 3 Transfer and vesting of shares of the Company in the Central Government
- 4 Management of the Company
- 5 Payment of amounts
- 6 Appointment of Commissioner of Payments
- 7 Payment by the Central Government to the Commissioner
- 8 Claims to be made to the Commissioner
- 9 Examination of claims
- 10 Admission or rejection of claims
- 11 Disbursement of money by the Commissioner to claimants
- 12 Undisbursed or unclaimed amount to be deposited to the general revenue account
- 13 Power of inspection
- 14 Power of Commissioner to inquire into disputes as to amount
- 15 Deposit of amount in court
