Section 8
Claims to be made to the Commissioner.
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) Every shareholder, having a claim in relation to
any share acquired by this Act, shall prefer such claim before the Commissioner within thirty days from
the specified date:
Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring theclaim within the period of thirty days, he may entertain the claim within a further period of thirty days and not thereafter.
(2) Every shareholder of a preference share shall have a preferential claim with regard to the amount paid by the Central Government to the Commissioner.
Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring theclaim within the period of thirty days, he may entertain the claim within a further period of thirty days and not thereafter.
(2) Every shareholder of a preference share shall have a preferential claim with regard to the amount paid by the Central Government to the Commissioner.