Esso (Acquisition of Undertakings in India) Act : PAYMENT OF AMOUNT Indian Bare Acts :

Esso (Acquisition of Undertakings in India) Act,1974

Act No : 4

Section : PAYMENT OF AMOUNT

SECTION 08: PAYMENT OF AMOUNT

(1) For the transfer and vesting in the Central Government, tinder sections 3-and4-, of the right, title and interest of Esso in. relation to its undertakings in India, and for the vesting in the Central Government, under section 5-, of the rights specified therein, there shall be paid by the Central Government to Esso an amount of rupees two crores and fifty-nine lakhs in such installments and in such manner as is specified in the Second Schedule.

(2) The amount specified in sub-section (1), shall carry interest, free of income-tax, at the rate of six and a half percent per annum from the appointed day till the date of payment in the manner specified in the Second Schedule.