Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act :

Neyveli Lignite Corporation Limited (Acquisition and Transfer of Power Transmission System) Act,1994

Act No : 56

Section : Payment of amount.

8. Payment of amount. (1) For the transfer to, and vesting in, the Central Government under sections 3 and 4 of the power transmission system and the right, title and interest of the company in relation to its power transmission system there shall be paid, in the prescribed manner, by the Central Government to the company such amount as is equal to the book value of all the assets and properties after deduction of liabilities (other than contingent liabilities) given in the audited statement of accounts of the company as on the 31st day of March. 1992. 5 (2) For the transfer to, and vesting in, the Corporation under sub-section (2) of section 3 of the power transmission system and the right, title and interest of the company in relation to its power transmission system, there shall be paid, in the prescribed manner, by the Corporation to the Central Government, the amount which is paid by that Government to the company under sub-section (1). (3) In case of any dispute relating to the nature of any asset, property or liability or the amount payable under sub-section (1), the dispute shall be referred by the Central Government to such authority as it may appoint and the decision of that authority in the matter shall be final.