Coking Coal Mines (Nationalisation) Act,1972
Act No : 36
Section :
Payment by the Central Government to the Commissioner.
21. Payment by the Central Government to the Commissioner. (1) The Central Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner, for payment to the owner of a coking coal mine or coke oven plant, a sum equal to the sum specified against the coking coal mine or coke oven plant, as the case may be, in the First Schedule or the Second Schedule together with the amount and interest, if any, referred to in section 12. (2) In addition to the sum referred to in sub-section (1), the Central Government shall pay, in cash, to the Commissioner, such ---------------------------------------------------------------------- 1 Subs. by Act 22 of 1978, s. 3, for the original sub-section (2) (w.e.f. 27-5-1978). 161 amount as may become due to the owner of a coking coal mine or coke oven plant in relation to the period during which the management of the coking coal mine or coke oven plant remained vested in the Central Government 1*[and simple interest at the rate of four per cent. per annum on such amount for the period commencing on the 1st day of April, 1973 and ending on the date of payment of such amount to the Commissioner.] (3) The Commissioner shall open and operate an account in a scheduled bank in respect of each coking coal mine or coke oven plant. (4) Every amount paid to the Commissioner shall be deposited to the credit of the account, referred to in sub-section (3), of the coking coal mine or coke oven plant to which the payment relates. (5) Interest accruing on the amount standing to the credit of the account referred to in sub-section (3) shall enure to the benefit of the owner of the coking coal mine or coke oven plant, as the case may be 1*[and shall also be payable to the Commissioner in addition to the sum referred to in sub-section (1).] (6) References in this section to the owner of a coking coal mine shall, in relation to a group of coking coal mines specified in the First Schedule, be construed as references to the owner of that group of coking coal mines.
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