Bare Acts

CHAPTER III PAYMENT OF AMOUNTS


8. Payment of amount.—(1) For the transfer to, and vesting in, the Central Government, under
section 3, of the undertakings of the Company, and the right, title and interest of the Company in relation
to such undertakings, there shall be given by the Central Government to the Company in cash and in the
manner specified in Chapter VI, an amount of rupees ten crores and four lakhs.
(2) For the removal of doubts, it is hereby declared that the liabilities of the Company, in relation to
its undertakings, shall be met, in accordance with the rights and interests of the creditors of the Company,
from the amount due to the Company under sub-section (1).
9. Payment 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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