Act Number: 42

Act Name: The National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980

Year: 1980

Enactment Date: 1980-07-19

Long Title: 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.

Ministry: Ministry of Textiles

Department:

Section 9: Payment of further amount.
    (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.
Notes:

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