Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1986

Act No : 30

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Section : PAYMENT BY THE CENTRAL GOVERNMENT TO THE COMMISSIONER

SECTION 16: PAYMENT BY THE CENTRAL GOVERNMENT TO THE COMMISSIONER

(1) The Central Government shall, within thirty days from the specified date, pay in cash to the Commissioner, for payment to the Company, an amount equal to the amount specified in Section 8-and the amounts payable to the Company under Section 9-.

(2) A deposit account shall be opened by the Central Government in favour of the Commissioner in the Public Account of India, and every amount paid under this Act to the Commissioner shall be deposited by him to the credit of the said deposit account, and the said deposit account shall be operated by the Commissioner.

(3) The interests accruing on the amount standing to the credit of the deposit account referred to in sub-section (2) shall ensure to the benefit of the Company.

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