British India Corporation Limited (Acquisition of Shares) Act : PAYMENT OF AMOUNTS Indian Bare Acts :

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

Act No : 29

Section : PAYMENT OF AMOUNTS

SECTION 05: PAYMENT OF AMOUNTS

(1) For the transfer or and vesting in the Central Government, under section ), of the shares of the Company, there shall be given by the Central Government to the shareholders of the Company, in cash and in the manner specified in section 7-. an amount of rupees twenty-two lakhs and sixty thousand.

(2) The amount, referred to in sub-section (1) shall carry simple interest at the rate of four per cent per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the Central Government to the Commissioner