Section 9
Payment of further amount.
The National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980
About this Act
An Act to provide for the acquisition and transfer of the undertakings of Messrs. National Company 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 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) For the deprivation of the Company of the management of the
undertakings owned by it, there shall be given, by the Central Government, to the Company, in addition
to the amount specified in section 8, an amount computed at the rate of ten thousand rupees per annum for
the period commencing on the date on which the management of the undertakings of the Company was
taken over in pursuance of the order made by the Central Government under section 18AA of the
Industries (Development and Regulation) Act, 1951 (65 of 1951), and ending on the appointed day.
(2) The amount specified in section 8, and the amount computed 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 accordance with the provisions of sub-sections (1) and (2) shall be given to the Company in addition to the amount specified in section 8.
(2) The amount specified in section 8, and the amount computed 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 accordance with the provisions of sub-sections (1) and (2) shall be given to the Company in addition to the amount specified in section 8.