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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 each of the two companies,-

(a) an amount equal to the amount specified against the name of such company in the First Schedule; and

(b) an amount equal to the amount payable to each of the two companies 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) Separate records shall be maintained by the Commissioner in respect of the undertakings of each of the two companies 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 sub-section (2) shall enure to the benefit of the two companies.



Hind Cycles Ltd. and Sen-Raleigh Ltd. (Nationalisation) Act, 1980 Back




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