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(The legal provisions, case laws and link to an a related LCI article)
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Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act,1980
Act No : 67
Section : PAYMENT OF AMOUNTS TO THE COMPANY AND SPECIFIED COMPUTES
SECTION 08: PAYMENT OF AMOUNTS TO THE COMPANY AND SPECIFIED COMPUTES
(1) For the transfer to and vesting in, the Central Government, under section 3-, of the undertakings of the Company and the right, title and interest of the Company in relation to its undertakings there shall be paid by the Central Government to the Company in cash and in the manner specified in Chapter IV, an aggregate amount of rupees two hundred and eighty-three lakhs.
(2) For the transfer to, and vesting in, the Central Government, under section 4-, of the shares held by the Company in the specified companies, there shall be paid by the Central Government to the Company in cash and in the manner specified in Chapter VI, an aggregate amount of rupees twenty-seven lakhs.
(3) The amount specified in sub-section (1) and the amount specified in sub-section (2) shall carry simple interest 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.
(4) For the removal of doubts, it is hereby declared that the liabilities of the Company, in; relation to its undertakings, shall be met, in accordance with the rights and interests of the creditors of the Company, from the amounts due to the Company under sub-section (1) and sub-section (2).