Section 7
Payment of amount.
The Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act, 1980
About this Act
An Act to provide for the acquisition of the undertakings of the Hind Cycles Limited, and Sen-Raleigh Limited, with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of bicycles, and their component parts and accessories which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
For the transfer to, and vesting in, the Central Government, under
section 3, of the undertakings of each of the two companies and the right, title and interest of each of the
two companies in relation to such undertakings, there shall be given by the Central Government to each of
the companies, in cash and in the manner specified in Chapter VI, an amount equal to the amount
specified against the name of such company in the First Schedule.