Burn Company and Indian Standard Wagon Company (Nationalisation) Act : PAYMENT OF FURTHER AMOUNT Indian Bare

Burn Company and Indian Standard Wagon Company (Nationalisation) Act ,1976

Act No : 97

Section : PAYMENT OF FURTHER AMOUNT

SECTION 08: PAYMENT OF FURTHER AMOUNT

(1) In consideration of the retrospective operation of the provisions of sections 3-,4-and5-, their shall also be given, in cash, by the Central Government to each of the two companies an amount equal to an amount, calculated at the rates specified in section 5 of the Burn Company and Indian Standard Wagon Company (Taking over of Management) Act, 1973, for the period commencing on the appointed day and ending on the date of promulgation of the Ordinance.

(2) The amount specified in section 7-, and the amount determined under sub-section (1), shall carry simple interest at the rate of four per cent per annum for the period commencing on the date of promulgation of the Ordinance and ending on the date on which payment of such amount is made by the Central Government to the Commissioner.

(3) The amounts determined in accordance with the provisions of sub-sections (1) and (2) shall be given to each of the companies in addition to the amount specified against its name in the First Schedule.