Jayanti Shipping Company (Acquisition of Shares) Act : Vesting of shares of company in Central

Jayanti Shipping Company (Acquisition of Shares) Act,1971

Act No : 63

Section : Vesting of shares of company in Central Government and compensationtherefor.

3. Vesting of shares of company in Central Government and compensation therefor. (1) On the appointed day,-- (a) all shares in the capital of the company shall, by virtue of this Act, be deemed to be transferred to and vested in the Central Government free from all trusts, liabilities and encumbrances; and (b) as compensation therefor the Central Government shall, in accordance with the provisions of section 4, pay to the shareholders the sum of rupees four crores and fifty lakhs only in the aggregate. (2) For the removal of doubts it is hereby declared that the transfer and vesting of shares effected under clause (a) of sub- section (1) shall not be deemed to affect any right of the company subsisting immediately before the appointed day against any shareholder to recover from him any sum of money on the ground that the shareholder has not paid or credited to the company the whole or any part of the value of the shares held by him or on any other ground whatsoever.