Lawgist9Payment of further amount
(1) For the deprivation of the Company of the management of the undertakings owned by it, there shall be given, by the Central Government, to the Company, in addition to the amount specified in section 8, an amount computed at the rate of ten thousand rupees per annum for the period commencing on the date on which the management of the undertakings of the Company was taken over in pursuance of the order made by the Central Government under section 18AA of the Industries (Development and Regulation) Act, 1951 (65 of 1951), and ending on the appointed day.
(2) The amount specified in section 8, and the amount computed in accordance with the provisions of sub-section (1), shall carry simple interest at the rate of four per cent. per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the Central Government to the Commissioner.
(3) The amounts determined in accordance with the provisions of sub-sections (1) and (2) shall be given to the Company in addition to the amount specified in section 8.
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- 1 Short title and commencement
- 2 Definitions
- 3 Transfer to, and vesting in, the Central Government of the undertakings of the Company
- 4 General effect of vesting
- 5 Power of Central Government to direct vesting of the undertakings of the Company in an existing Government company
- 6 Transfer of undertakings of the Company from an existing Government company to a new Government company
- 7 Company to be liable for certain prior liabilities
- 8 Payment of amount
- 9 Payment of further amount
- 10 Management, etc., of the undertakings of the Company
- 11 Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc
- 12 Duty of persons to account for assets, etc., in their possession
- 13 Continuance of employees
- 14 Provident fund and other funds
- 15 Appointment of Commissioner of Payments
- 16 Payment by the Central Government to the Commissioner
- 17 Certain powers of the Central Government or Government company
- 18 Claims to be made to the Commissioner
- 19 Priority of claims
- 20 Examination of claims
- 21 Admission or rejection of claims
- 22 Disbursement of money by the Commissioner
- 23 Disbursement of amounts to the Company
- 24 Undisbursed or unclaimed amount to be deposited with the general revenue account
- 25 Act to have overriding effect
- 26 Assumption of liability
- 27 Management to continue to vest in the Custodian until alternative arrangements have been made
- 28 Contracts to cease to have effect unless ratified by the Central Government or the Government company
- 29 Penalties
- 30 Offences by companies
- 31 Protection of action taken in good faith
- 32 Delegation of powers
- 33 Power to make rules
- 34 Power to remove difficulties
- 35 Repeal and saving
