Burmah Shell (Acquisition of Undertakings in India) Act,1976
Act No : 2
Section : PAYMENT OF AMOUNT
SECTION 08: PAYMENT OF AMOUNT
- (1) For the transfer and vesting in the Central Government, under sections 3-and4-, of the right, title and interest of Burmah Shell in relation to its undertakings in India and for the vesting in the Central Government undersection 5-, of the rights specified therein, there shall be paid by the Central Government to Burmah Shell an amount of rupees twenty-seven crores and seventy-five lakhs in such instalments and in such manner as are specified in the Second Schedule,
(2) Taxes, if any, payable in India by Burmah Shell by reason of the payment of the amount specified in sub-section (1) shall be paid by the Central Government to Burmah Shell in Indian currency, and any amount received by Burmah Shell by way of refund of taxes so paid shall be paid back by Burmah Shell to the Central Government.
(3) The amount specified in sub-section ( 1 ) shall carry interest, free of income-tax at the rate of eight per cent, per annum from the 1st day of January, 1976. till the date of payment in the manner specified in the Second Schedule.