Bare Acts

CHAPTER III PAYMENT OF AMOUNTS


8. Payment of amount.—For the transfer to, and vesting in the Central Government, under section 3,
of the textile 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 twenty-four crores and thirty-two lakhs.
9. Payment of further amounts.—(1) For the deprivation of the Company of the management of the
textile undertakings, there shall be given by the Central Government to the Company, in cash, an amount
calculated at the rate of rupees ten thousand per annum for the period commencing on the date on which
the management of the textile 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) In consideration of the retrospective operation of the provisions of sections 3 and 4, there shall
also be given by the Central Government to the Company, in cash, an amount calculated at the rate of
rupees ten thousand per annum for the period commencing on the appointed day and ending on the date
on which the Ordinance was promulgated.
(3) The amount specified in section 8 and the amounts determined in accordance with the provisions
of sub-sections (1) and (2) 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 amounts is made by
the Central Government to the Commissioner.
(4) The amounts determined in accordance with the provisions of sub-sections (1), (2) and (3) shall be
given by the Central Government to the Company in addition to the amount specified in section 8.
(5) For the removal of doubts, it is hereby declared that the liabilities of the Company in relation to
the textile undertakings which have vested in the Central Government under section 3 shall be discharged
from the amount referred to in section 8 and also from the amounts determined under sub-sections (1), (2)
and (3), in accordance with the rights and interests of the creditors of the Company

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