Lawgist logo - L! Lawgist.
The Hooghly Docking and Engineering Company Limited (Acquisition and Transfer of Undertakings) Act

16Payment by the Central Government to the Commissione

(1) The Central Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner, for payment to the Company--

(a) an amount equal to the amount specified in section 8, and

(b) an amount equal to the amount payable to the Company under section 9.

(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) Records shall be maintained by the Commissioner in respect of the undertakings of the Company in relation to which payment has been made to him under this Act.

(4) The interest accruing on the amount standing to the credit of the deposit account referred to in sub-section (2) shall ensure to the benefit of the Company.

Download our fully-offline, High speed android app.- Click here

Download the App Now!

Get our Android app for fast and offline Access.

Get it on Google Play
Lawgist is not a law firm and does not engage in the practice of law or provide legal advice or legal representation. All information, software, services, and comments provided on this site are for informational and self-help purposes only and are not intended to be a substitute for professional legal advice. Use of this site is subject to our Terms and Conditions, Disclaimer, and Privacy Policy.About Us Made in ♥ with India, Internet and Lots of Courtroom Dramas