Section 5
Payment of amounts.
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) For the transfer to, and vesting in, the Central Government, under
section 3, of the shares of the Company, there shall be given by the Central Government to the
shareholders of the Company, in cash and in the manner specified in section 7, an amount of rupees
twenty-two lakhs and sixty thousand.
(2) The amount, referred to in sub-section (1), shall carry simple interest at the rate of four percent. 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.
(2) The amount, referred to in sub-section (1), shall carry simple interest at the rate of four percent. 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.