section 10
Disbursement of money by the Commissioner to claimants.
The Pulgaon Cotton Mills Limited (Acquisition of Shares) Act, 1982General198221 sections3 chapters
Chapter II ACQUISITION OF SHARES OF THE COMPANY
Statutory text
- (1) After admitting a claim under this Act the amount due in respect of each share acquired by virtue of this Act shall be paid by the Commissioner at the rate of rupees four per share to the person or persons to whom such sums are due, and on such payment, the liability of the State Government in respect of the share so acquired shall stand discharged.
- (2) The Commissioner shall also apportion amongst the shareholders, the amount paid to him by way of interest under sub-section (3) of section 6, and such apportionment shall be made on the basis of the amount due to each shareholder.
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