Act Number: 41

Act Name: The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act, 1983

Year: 1983

Enactment Date: 1983-12-25

Long Title: An Act to provide for the acquisition and transfer of the undertakings of the Transformer and Switchgear Limited with a view to securing the better utilisation of the available infrastructure thereof and to modernise and augment the production of transformers, switchgears and other allied electrical equipments by the said undertakings so as to subserve the interests of the general public be ensuring the continued supply of the aforesaid articles which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.

Ministry: Ministry of Heavy Industries and Public Enterprises

Department: Department of Heavy Industry

Section 15: Payment by the 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 amount 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 payment has been made to him under this Act.
     (4) The interest accruing on the amount standing to the credit of the deposit account referred to in sub-section (2) shall enure to the benefit of the Company.
Previous Section Next Section
Scroll to Top