Act Number: 29

Act Name: The British India Corporation Limited (Acquisition of Shares) Act, 1981

Year: 1981

Enactment Date: 1981-09-11

Long Title: An Act to provide for the acquisition of certain shares of the British India Corporation Limited with a view to securing the proper management of the affairs of the Company and the continuity and development of the production of goods which are vital to the needs of the country and for matters connected therewith or incidental thereto.

Ministry: Ministry of Textiles

Department:

Section 7: 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 shareholders of the Company,--
         (a) an amount equal to the amount specified in sub-section (1) of section 5; and
         (b) an amount equal to the amount determined under sub-section (2) of section 5.
     (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) 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 shareholders of the Company.
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