Chapter III PAYMENT OF AMOUNT OR COMPENSATION

(1) The owner of the undertaking shall be given by the 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 undertaking and the right, title and interest of the owner in relation to the undertaking, an amount equal to the amount specified against it in the corresponding entry in column (3) of the First Schedule. (2) In addition to the amount referred to in sub-section (1), there shall be given by the Government, in cash, to the owner of the undertaking, simple interest at the rate of four per cent per annum on the amount specified against such owner in the corresponding entry in column (3) of the First Schedule for the period commencing on the date of commencement of this Act, and ending on the date on which payment of such amount is made by the Government to the Commissioner.

(1) The textile company shall be given by the Government for the deprivation of its management an amount of one thousand rupees per annum for the period commencing on the date on which the undertaking has been closed and ending on the date of commencement of this Act. (2) The amount calculated 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 date of commencement of this Act and ending on the date on which the payment of such amount is made by the Government to the Commissioner. (3) The amounts determined in relation to the undertaking in accordance with the provisions of sub-sections (1) and (2) shall be given by the Government to the textile company in addition to the amount specified in the First Schedule against that company.

(1) The owners of the properties sold and vested in Government under this Act shall be entitled for an amount by way of compensation at the rate of the market value of the land prevalent in the area as on the date of commencement of this Act. (2) The Commissioner shall be competent to fix the market value as compensation payable under sub-section (1). In the matter of fixation of compensation under sub-section (1), the Commissioner shall have all the powers of a Collector under the Land Acquisition Act. (3) The owners of the land shall be entitled to interest at the rate of 12% per annum on the amount so fixed by the Commissioner or in appeal, as the case may be, from the date of commencement of this Act till the date of payment of the amount to him.