Lawgist.Download the App Now!
Get our Android app for fast and offline Access.
(1)- For the transfer and vesting of the shares referred to in section 3 the State Government shall within thirty days from the date of such transfer and vesting, pay to the companies respectively the amounts specified in the Schedule against each of the companies, which amounts cover in full the amounts actually paid by such companies to the State Government towards the consideration for transfer of such shares earlier made by the State Government to such companies. (2)- Where the State Government fails to pay to the companies the amounts referred to in sub-section (1) within the period specified in that sub-section, it shall pay on the unpaid amount simple interest at the rate of twelve per cent per annum from the date of such vesting till the date of payment. (3) The companies shall upon such vesting of shares in the State Government stand absolved of the liability to pay to the State Government, the balance of the consideration for which they had earlier obtained such shares from the State Government.
(1)- For the transfer and vesting of the shares referred to in section 3 the State Government shall within thirty days from the date of such transfer and vesting, pay to the companies respectively the amounts specified in the Schedule against each of the companies, which amounts cover in full the amounts actually paid by such companies to the State Government towards the consideration for transfer of such shares earlier made by the State Government to such companies.<br> (2)- Where the State Government fails to pay to the companies the amounts referred to in sub-section (1) within the period specified in that sub-section, it shall pay on the unpaid amount simple interest at the rate of twelve per cent per annum from the date of such vesting till the date of payment.<br> (3) The companies shall upon such vesting of shares in the State Government stand absolved of the liability to pay to the State Government, the balance of the consideration for which they had earlier obtained such shares from the State Government. <br>