Ganesh Flour Mills Company Limited (Acquisition and Transfer of Undertakings) Act : PAYMENT OF AMOUNT Indian

Ganesh Flour Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1984

Act No : 16

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 Ganesh Flour Mills and the right, title and interest of the Company in relation to the Ganesh Flour Mills, there shall be given by the Central Government to the Company in cash and in the manner specified in Chapter VI, an amount equal to a sum of one crore, fifty-seven lakhs and sixty-eight thousand rupees.

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

(3) The amount specified in sub-section (1) 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.