Indian Iron and Steel Company (Acquisition of Shares) Act,1976

Act No : 89

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Section : Disbursement of money by the Commissioner to claimants.

10. Disbursement of money by the Commissioner to claimants. (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 thirty-two and paise seventy-five per preference share, and at the rate of rupees four and paise seventy per equity share to the person or persons to whom such sums are due, and on such payment, the liability of the Central 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- 520 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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