Payment of amounts to the industrial undertaking

Payment of amounts to the industrial undertaking.--(1) For the transfer to and vesting in the Government under sections 3 and 5 of the shares, right, title and interest of the industrial undertaking, there shall be paid by the Government an aggregate amount of Rupees two lakhs to the industrial undertaking in the proportion agreed to by them.

1. (2) The amount specified in sub-section
2. (1) shall carry interest free of Income-tax at the rate of 10% per annum from the appointed day, till the date of payment in the manner as may be prescribed.
3. (3) The amounts payable under sub-sections
4. (1) and
5. (2) shall be payable in instalments in the prescribed manner.
6. (4) In addition to the amounts mentioned in sub-sections
7. (1) and
8. (2) the Government shall pay to the industrial undertaking such amount in Indian currency as may be required by the said industrial undertaking to pay towards all taxes in India on the amounts payable under the said sub-sections and all other taxes in India the liability for the payment of which arises directly on the transfer to and vesting in the Government of the shares and of the undertakings of the industrial undertakings.