Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act : PAYMENT OF AMOUNT Indian Bare Acts :

Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act,1982

Act No : 50

Section : PAYMENT OF AMOUNT

SECTION 07: PAYMENT OF AMOUNT

(1) For the transfer to, and vesting in, the Central Government, under section 3-of the Amritsar Oil Works and the right, title and interest of the Amritsar Sugar Mills Company in relation to that works there shall be given by the Central Government to the Amritsar Sugar Mills Company, in cash and in the manner specified in Chapter VI, an amount equal to a sum of sixty-four lakhs, forty-eight thousand, nine hundred and forty-four rupees and sixty-five paise.

(2) In addition to the amount specified in sub-section (1), there shall also be given to the Amritsar Sugar Mills Company by the Central Government an amount calculated at the rate of ten thousand rupees per annum for the deprivation of the Amritsar Sugar Mills Company of the management of its Amritsar Oil Works for the period commencing on the date of taking over and ending with the appointed day.

(3) The amount specified in sub-section (i) and the amount calculated in accordance with the provisions of sub-section (2) 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.