Act Number: 71

Act Name: The Andhra Scientific Company Limited (Acquisition and Transfer of Undertakings) Act, 1982

Year: 1982

Enactment Date: 1982-11-13

Long Title: An Act to provide for the acquisition and transfer of the undertakings of the Andhra Scientific 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 continuity of production of scientific instruments which are vital to the needs of the country and for matters connected therewith or incidental thereto.

Ministry: Ministry of Defence

Department: Department of Defence Production

Section 16: Payment by Central Government to the Commissioner.
    (1) The Central Government shall, within thirty days from the specified date, pay in cash to the Commissioner, for payment to the Company,--
         (a) an amount equal to the amount specified in section 7; and
         (b) an amount equal to the amounts payable to the Company under section 8.
     (2) A deposit account shall be opened by the Central Government in favour of the Commissioner in the Public Account of India and every amount paid under this Act to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit account shall be operated by the Commissioner.
     (3) Records shall be maintained by the Commissioner in respect of the undertakings of the Company in relation to which payments have been made to him under this Act.
     (4) Interest accruing on the amount standing to the credit of the deposit account referred to in subsection (2) shall enure to the benefit of the Company.
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