Sick Textile Undertakings (Nationalisation) Act,1974

Act No : 57

---

Section : PAYMENT OF FURTHER AMOUNT

SECTION 09: PAYMENT OF FURTHER AMOUNT

(1) In consideration of the retrospective operation of the provisions of sections 3-,4-and5-, there shall be given, in cash by the Central Government to the owner of every sick textile undertaking, the management of which was taken over by the Central Government, an amount equal to an amount calculated at the rate specified in section 6 of the Sick Textile Undertakings (Taking Over of Management) Act, 1972, for the period commencing on the appointed day and ending on the date on which the Ordinance was promulgated.

(2) In addition to the amount referred to in section 8-, there shall be given by the Central
Government, in cash, to the owner of every sick textile undertaking, simple interest at the rate of four per cent; per annum on the amount specified against such owner in the corresponding entry in column (4) of the First Schedule for the period commencing on the date on which the Ordinance was promulgated, and ending on the date on which payment of such amount is made by the Central Government to the Commissioner.

(3) The amount representing interest calculated at the rate specified in sub-section (2) shall be given in addition to the amount specified in the First Schedule.

---

Read All Comments

Comments

Quick Links

• Recent Comments
• Recent Citations
• Bare Acts Alphabetically