Section 8
Payment of amount to owners of sick textile undertakings.
The Sick Textile Undertakings (Nationalisation) Act, 1974
About this Act
An Act to provide for the acquisition and transfer of the sick textile undertakings, and the right, title and interest of the owners in respect of the sick textile undertakings, specified in the First Schedule with a view to re-organising and rehabilitating such sick textile undertakings so as to subserve the interests of the general public by the augmentation of the production and distribution, at fair prices, of different verieties of cloth and yarn, and for matters connected therewith or incidental thereto.
The owner of every sick textile
undertaking shall be given by the Central Government, in cash and in the manner specified in Chapter VI,
for the transfer to, and vesting in, it, under sub-section (1) of section 3, of such sick textile undertaking
and the right, title and interest of the owner in relation to such sick textile undertaking, an amount equal to
the amount specified against it in the corresponding entry in column (4) of the First Schedule.