Chapter III PAYMENT OF AMOUNT

(1) The owner of every sick textile undertaking shall be given by the State Government, in cash and in the manner specified in Chapter VI, for the transfer to, and vesting in, it under sub-section (1) of section 3, of such sick textile undertaking, and the right, title and interest of the owner in relation to such sick textile undertaking an amount equal to the amount specified against it in the corresponding entry in column (4) of the First Schedule. (2) In addition to the amount referred to in sub-section (1) there shall be given by the State Government, in cash, to the owner of every sick 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 (4) of the First Schedule for the period commencing on the appointed day, and ending on the date on which payment of such amount is made by the State Government of the Commissioner.

(1) Every Textile company shall be given by the State Government for the deprivation of management of its undertaking an amount of one thousand rupees per annum for the period commencing on the date on which the management of the undertaking of that company was taken over in pursuance of the order made by the Central Government under the provisions of the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), and ending on the appointed day. (2) The amount calculated in accordance with the provisions of the sub-section (1) shall carry simple interest at the rate of four percent per annum 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. (3) The amounts determined in relation to any textile company in accordance with the provisions of sub-sections (1) and (2) shall be given by the State Government to the textile company in addition to the amount specified in the First Schedule against that company.