Brentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act,1987
Act No : 36
Section : PAYMENT OF FURTHER AMOUNTS
SECTION 08: PAYMENT OF FURTHER AMOUNTS
(1) For the deprivation of the company of the management of it undertaking, there shall he paid by the Central Government to the Company in cash, an amount calculated at the rate of five thousand rupees per annum for the period commencing on the date on which the management of the undertakings of the Company was taken over in pursuance of the order made by the Central Government under section 18AA of the Industries (Development and Regulation) Act, 1951, and ending on the appointed day.
(2) In consideration of the retrospective operation of the provisions of sections 3-,section 4-and section 5-, time shall also be paid by the Central Government to the Company in cash, an amount calculated at the rate of five thousand rupees per annum for the period commencing on the appointed day and ending on the date on which this Act receives the assent of the President.
(3) The amounts specified in section 7-, and the amounts determined in accordance with the provisions of sub- sections (1) and (2), shall carry simple interest at the rate of four per cent per annum for the period commencing of the appointed day and ending on the date on which payment of such amount is made by the Central Government to the Commissioner.
(4) The amounts determined in accordance with the provisions of sub-sections (1), (2) and (3) shall be paid by the Central Government to the Company in addition to the amount specified in section 7-.
(5) For the removal of doubts, it is hereby declared that the liabilities of the Company, in relation to its undertaking which have vested in the Central Government under section 3-, shall be discharged from the amount referred to in section 7-, 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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