Mogul Line Limited (Acquisition of Shares) Act : PAYMENT OF AMOUNTS Indian Bare Acts :

Mogul Line Limited (Acquisition of Shares) Act,1984

Act No : 33

Section : PAYMENT OF AMOUNTS

SECTION 05: PAYMENT OF AMOUNTS

(1) Every shareholder whose shares in the capital of the Company are transferred to, and vested in, the Central Government under section 3-shall, for such transfer and vesting, be given by that Government, in cash and in the manner specified in section 6-, an amount calculated at the rate of rupees ten per share.

(2) The amount payable to a shareholder under sub-section (1) shall carry simple interest at the rate of five and a half 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 shareholder or where such amount has been deposited under sub-section (4) of section 6-, on the date on which it is so deposited.