Indian Iron and Steel Company (Acquisition of Shares) Act : Payment of amounts. Indian Bare Acts :

Indian Iron and Steel Company (Acquisition of Shares) Act,1976

Act No : 89

Section : Payment of amounts.

4. Payment of amounts. (1) For the transfer to, and vesting in, the Central Government, under section 3, of the shares of the Company, there shall be given by the Central Government to the shareholders of the Company, in cash and in the manner specified in section 6, an amount of rupees seven crores, twenty-three lakhs, ninety-five thousand and one hundred and thirty-seven and fifteen paise. (2) The amount, referred to in sub-section (1), 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.