Hooghly Docking and Engineering Company Limited (Acquisition and Transfer of Undertakings) Act,1984
Act No : 55
Section : PAYMENT OF FURTHER AMOUNT
SECTION 09: PAYMENT OF FURTHER AMOUNT
(1) The amount specified in section 8-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.
(2) The amount determined in accordance with the provisions of sub-section (1) shall be paid by the Central Government to the Company in addition to the amount specified in section 8-.
(3) 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 amount referred to in section 8-, and also from the amount determined under sub-section (1) in accordance with the rights and interests of the creditors of the Company. The general superintendence, direction, control and management of the affairs and business of the undertakings of the Company the right, title and interest in relation to which have vested in the Central Government under section 3-, shall-
(a) where a direction has been made by the Central Government under sub-section (1) of section 5- , vest, on and from the date specified in such direction, in the existing Government company specified therein; or
(b) where a declaration has been made under sub-section (1) of section 6-, vest, on and from the date of such declaration, in the new Government company specified therein and thereupon the existing, or new, Government company, as the case may be, shall be entitled to exercise, to the exclusion of all other persons, all such powers and do all such things as the Company is authorised to exercise and do in relation to the undertakings owned by it.
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