Act Number: 43

Act Name: The Aluminium Corporation of India Limited (Acquisition and Transfer of Aluminium Undertaking) Act, 1984

Year: 1984

Enactment Date: 1984-06-02

Long Title: An Act to provide for the acquisition and transfer of the right, title and interest of the Aluminium Corporation of India Limited in relation to its undertaking as Jaykay Nagar, near Asansol (West Bengal) for the purpose of ensuring the continuity of production of aluminium and aluminium fabricated products which are essential to the needs of the community and thereby to give effect to the policy of the State towards securing the principles specified in clause (b) of Article 39 of the Constitution.

Ministry: Ministry of Mines

Department:

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 an amount equal to the amount specified in section 7 and 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 Aluminium undertaking in relation to which payments have 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 ensure to the benefit of the Company.
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