Section 11
Disbursement of money by the Commissioner to claimants.
The British India Corporation Limited (Acquisition of Shares) Act, 1981
About this Act
An Act to provide for the acquisition of certain shares of the British India Corporation Limited with a view to securing the proper management of the affairs of the Company and the continuity and development of the production of goods which are vital to the needs of the country and for matters connected therewith or incidental thereto.
(1) After admitting a claim
under this Act, the amount due in respect of each share acquired by virtue of this Act shall be paid by the
Commissioner at the rate of rupees ten per preference share, and at the rate of fifty paise per ordinary
share to the person or persons to whom such sums are due, and on such payment, the liability of the
Central Government in respect of the share so acquired shall stand discharged.
(2) The Commissioner shall also apportion amongst the share-holders, the amount paid to him by way of interest under sub-section (3) of section 7, and such apportionment shall be made on the basis of the amount due to each shareholder.
(2) The Commissioner shall also apportion amongst the share-holders, the amount paid to him by way of interest under sub-section (3) of section 7, and such apportionment shall be made on the basis of the amount due to each shareholder.