Sick Textile Undertakings (Nationalisation) Act,1974
Act No : 57
Section : PAYMENT BY THE CENTRAL GOVERNMENT TO THE COMMISSIONER
SECTION 18: 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 owner of a sick textile undertaking, an amount equal' to the amount specified against the sick textile undertaking in the First Schedule and shall also pay to the Commissioner such sums as may be due to the owner of a sick textile undertaking under subsections ( I ) and (2) of section 9-.
(2) In relation to the sick textile undertakings the management of which was taken over by the Central Government under the Industries (Development and Regulation) Act, 1951-, there shall be paid by the Central Government [in addition to the amount referred to in sub-section (1)], to the Commissioner, in cash, an amount calculated at the rate specified in section 6 of the Sick Textile Undertakings (Taking Over of Management) Act, 1972, for the period commencing on the date on which such management was taken over by the Central Government and ending on the appointed day.
(3) In relation to the sick textile undertakings, the management of which was taken over by the Central Government under the Sick Textile Undertakings (Taking Over of Management) Act, 1972there shall be paid by the Central Government [in addition to the amount referred to in subsection (1)] to the Commissioner in cash, such amount payable under section 6of that Act as remains unpaid in relation to the period commencing on the date on which such management was taken over by the Central Government and ending on the appointed day.
(4) 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 in the Public Account of India, and thereafter the said deposit account shall be operated by the Commissioner.
(5) Separate records shall be maintained by the Commissioner in respect of each sick textile undertaking in relation to which payments have been made to him under this Act.
(6) Interest accruing on the amounts standing to the credit of the deposit account referred to in sub-section (4) shall inure to the benefit of the owners of the sick textile undertakings.
Read All Comments
