Aluminium Corporation of India Limited (Acquisition and Transfer of Aluminium) Undertaking Act : PAYMENT OF

Aluminium Corporation of India Limited (Acquisition and Transfer of Aluminium) Undertaking Act,1984

Act No : 43

Section : PAYMENT OF FURTHER AMOUNTS

SECTION 08: PAYMENT OF FURTHER AMOUNTS

(1) For the deprivation of the Company of the management of the Aluminium undertaking, there shall be given by the Central Government to the Company, in cash, an amount calculated at the rate of rupees two thousand five hundred per mensem for the period commencing on the date on which the management of the Aluminium undertaking was taken over in pursuance of the orders made by the Central Government under the provisions of the Industries (Development and Regulation) Act, 1951-and ending on the appointed day.

(2) The amount specified in section 7-and the amount calculated in accordance with the provisions of sub-section (1) 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.

(3) The amounts determined in accordance with the provisions of sub-sections (1) and (2) shall be given by the Central Government to the Company in addition to the amount specified in section 7-.

(4) For the removal of doubts, it is hereby declared that the liabilities of the Company in relation to the Aluminium undertaking which has vested in the Central Government under section 3-shall be discharged from the amount referred to in section 7-and also from the amounts determined under sub-sections (1), (2) and (3) in accordance with the rights and interests of the creditors of the Company.