Payment of amount.

Corporate198334 sections7 chapters

Chapter III PAYMENT OF AMOUNTS

Statutory text

(1) For the transfer to, and vesting in, the Government, under section 3, of the undertakings of the Company and the right, title and interest of the Company in relation to its undertakings, there shall be given by the Government in the manner specified in Chapter VI, an amount of ten lakhs, forty-three thousand, two hundred and forty-five rupees and ninety-seven paise.
(2) The amount specified in sub-section (1) shall carry simple interest at the rate of eight per cent per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the Government to the Commissioner.
(3) For the removal of doubts, it is hereby declared that the liabilities of the Company specified in the Schedule in relation to its undertakings, which have vested in the Government under section 3, shall be discharged from the amount referred to in sub-section (1) in accordance with the rights and interests of the creditors of the Company.
(4) The liabilities of the Company in relation to its undertakings which have vested in the Government under section 3 and not specified in the Schedule shall be discharged by the Government as and when they fall due for payment: Provided that the liability assumed by the Government under the head "Vendors Account" shall not exceed the amount shown in the audited balance sheet of the Company as on 31-12-1975.

Study data processing for this section.

PDF: pending for this language.