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Section 16 – The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1986

The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1986

Section 16. Payments by the Central Government to the Commissioner

(1) The Central Government shall, within thirty days from the specified date1 pay in cash to the Commissioner, for payment to the Company, an amount equal to the amount specified in section 8 and the amounts payable to the Company under section 9.

(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 amount shall be operated by the Commissioner.

(3) The interests accruing on the amount standing to the credit of the deposit account referred to in sub-section (2) shall endure to the benefit of the Company.

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1. 1-2-1987: vide Notification No.G.S.R..54 (E), dated 22-1-1987, Gazette of India ,1987, Extra-ordinary, Part II, Section 3(i).

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The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1986

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