British India Corporation Limited (Acquisition of Shares) Act,1981

Act No : 29

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Section : DISBURSEMENT OF MONEY BY THE COMMISSIONER TO CLAIMANTS

SECTION 11: 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 (he rate of rupees ten per preference share, and at the rate of fifty paise per ordinary share to the person on or persons to whom such sums are due, and on such payment, the liability of the Central Government in respect of the share 50 acquired shall stand discharged.


(2) The Commissioner shall also apportion amongst the share-holders, the amount paid to him by way of interest under sub-section

(3) of section 7-, and such apportionment shall be made on the basis of the amount due to each shareholder.

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