Section 8
Payment of further amount.
The Jute Companies (Nationalisation) Act, 1980
About this Act
An Act to provide for the acquisition and transfer of the undertakings of the jute companies, specified in the First Schedule 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 articles made of jute, which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
(1) Every jute company shall be given by the Central Government,
for the deprivation of the management of its undertakings, an amount of rupees ten thousand per annum
for the period commencing on the date on which management of the undertakings of that company was
taken over in pursuance of the order made by the Central Government under the provisions of the
Industries (Development and Regulation) Act, 1951 (65 of 1951) and ending on the appointed day.
(2) Every amount specified in the First Schedule or 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 relation to any jute company in accordance with the provisions of sub-sections (1) and (2) shall be given by the Central Government to the jute company in addition to the amount specified in the First Schedule against that company.
(2) Every amount specified in the First Schedule or 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 relation to any jute company in accordance with the provisions of sub-sections (1) and (2) shall be given by the Central Government to the jute company in addition to the amount specified in the First Schedule against that company.