Indian Iron and Steel Company (Acquisition of Shares) Act : Claims to be made to the Commissioner.

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

Act No : 89

Section : Claims to be made to the Commissioner.

7. Claims to be made to the Commissioner. (1) Every shareholder, having a claim in relation to any share acquired by this Act, shall prefer such claim before the Commissioner 5*[before the expiry of one hundred and twenty days from the date of commencement of the Indian Iron and Steel Company (Acquisition of Shares) Amendment Act, 1981] 5*[Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring the claim before the expiry of the said period of one hundred and twenty days, he may entertain the claim within a further period of one hundred and twenty days and not thereafter.] 6*[(1A) Every claim preferred under sub-section (1) as it stood before the commencement of the Indian Iron and Steel Company (Acquisition of Shares) Amendment Act, 1981, after the expiry of the period or date specified therein shall be deemed to have been preferred under the said sub-section as amended by the said Amendment Act and shall be dealt with (even if it had been disallowed before such commencement) as if it had been preferred within time.] (2) Every shareholder of a preference share shall have a prevential claim with regard to the amount paid by the Central Government to the Commissioner.