Caltex [Acquisition of Shares of Caltex Oil Refining (India) Limited and of the Undertakings in India of

Caltex [Acquisition of Shares of Caltex Oil Refining (India) Limited and of the Undertakings in India of Caltex (India) Limited] Act,1977

Act No : 17

Section : PAYMENT OF AMOUNT TO CALTEX PETROLEUM AND CALTEX (INDIA)

SECTION 10: PAYMENT OF AMOUNT TO CALTEX PETROLEUM AND CALTEX (INDIA)

- (1) For the transfer to, and vesting in, the Central Government under section 3-of the shares of Caltex Oil Refining and for the transfer to, and vesting in, the Central Government under section 5- of the right, title and interest of Caltex (India) in relation to its undertakings in India, there shall be paid by the Central Government an aggregate amount of rupees thirteen crores to Caltex Petroleum and Caltex (India) in the proportions agreed to by them.

(2) 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, 1977, till the date of payment in the manner specified in the Schedule.

(3) The amounts payable under sub-sections (1) and (2) shall be payable in instalments in accordance with the provisions of the Schedule.

(4) In addition to the amounts mentioned in sub-sections (1) and (2), the Central Government shall pay to Caltex Petroleum or Caltex (India) as the case may be, such amount in Indian currency as may be required by the said companies to pay towards all taxes in India on the amounts payable under the said sub-sections and all other taxes in India the liability for the payment of which arises directly on the transfer to, and vesting in. the Central Government of the shares of Caltex Oil Refining and of the undertakings of Callex (India) in India.