Chapter III PAYMENT OF AMOUNT

7.

1. (1) The owner of every closed textile undertaking shall be given by the State Government, in cash and in the manner specified in Chapter V, for the transfer to, and vesting in, the State Government under sub-section
2. (1) of section 3 of the specified textile undertaking and the right, title and interest of owner in relation to such textile undertaking, an amount equal to the amount specified against it in the corresponding entry in column
3. (4) of the First Schedule.
4. (2) In addition to the amount referred to in sub-section
5. (1) there shall be given by the State Government, in cash, to the owner of every specified textile undertaking, simple interest at the rate of four percent per annum on the amount specified against such owner in the corresponding entry in column
6. (4) of the First Schedule for the period commencing on the appointed day and ending on the date on which the payment of such amount is made by the State Government to the Commissioner.
7. (3) The amount representing interest calculated at the rate specified in sub-section
8. (2) shall be given in addition to the amount specified in the First Schedule.
9. (4) Where any liability of the owner specified in the Second Schedule is discharged by the State Government or the Corporation according to the order of the priorities mentioned in that Schedule, the amount to be paid to the owner under sub-section
10. (1) shall stand reduced to that extent.

8.

1. (1) The Corporation or any person which the Corporation may, by order in writing, specify, shall be entitled to exercise the powers of general superintendence, direction, control and management of the affairs and business of the specified textile undertaking, the right, title and interest of an owner in relation to which, have vested in the Corporation under sub-section
2. (2) of section 3, and to do all such things as the owner of the specified textile undertaking is authorised to exercise and do.
3. (2) Notwithstanding anything contained in sub-section
4. (1) or any other law for the time being in force, it shall be lawful for the Corporation to reorganise and reconstruct any one or more specified textile undertakings and thereby form such units as the Corporation deems fit.

9. On the vesting of the management of the specified textile undertaking in the Corporation, all persons in charge of the management of such specified textile undertaking immediately before such vesting shall be bound to deliver to the Corporation all assets, books of account, registers or other documents in their custody relating to the specified textile undertaking.

10. The Corporation shall maintain the accounts of the specified textile undertakings in accordance with the provisions of the Companies Act, 1956.