Gresham and Craven of India (Private) Limited (Acquisition and Transfer of Undertakings) Act,1977
Act No : 42
Section : PAYMENT OF FURTHER AMOUNT
SECTION 09: PAYMENT OF FURTHER AMOUNT
(1) For the deprivation of the Company of the management of its undertakings there shall be given to the Company- by the Central Government an amount calculated at the rate of rupees fifty thousand per annum for the period commencing on the date on which the management of the undertakings of the Company was taken over by the Central Government and ending on the appointed day.
(2) In consideration of the retrospective operation of the provisions of sections 3-,4-and5-, there shall also be given, in cash, by the Central Government to the Company, an amount equal to an amount calculated at the rate of rupees fifty thousand per annum for the period commencing on the appointed day and ending on the date of promulgation of the Ordinance.
(3) The amount specified in section 8-and the amount determined under sub-sections (1) and (2) shall carry simple interest at the rate of four per cent per annum for the period commencing on the date of promulgation of the Ordinance and ending on the date on which payment of such amounts is made by the Central Government to the Commissioner.
(4) The amounts determined in accordance with the provisions of subsections (1), (2) and (3) shall be given by the Central Government to the Company in addition to the amount specified in section 8-.
(5) For the removal of doubts, it is hereby declared that the liabilities of the Company, in relation to its undertakings which have vested in the Central Government under section 3-shall be discharged from the amounts referred to in 8, and also from the amounts determined under sub-sections (1), (2) and (3) in accordance with the rights and interests of the creditors of the Company.
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