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Section 7 – The Tea Companies (Acquisition and Transfer of Sick Tea Units) Act,1985

The Tea Companies (Acquisition and Transfer of Sick Tea Units) Act,1985

Section 7. Payment of further amount

(1) Every tea company shall be given, by the Central Government, per annum, for the deprivation of the management of its sick tea unit, an amount as is specified against the name of that sick tea unit in column (5) of the First Schedule, for the period commencing on the date on which the management of such sick tea unit was taken over in pursuance of the order made by the Central Government under the provisions of the Tea Act,1953, (29 of 1953) and ending on the appointed day.

(2) Every amount specified in columns (4) and (5) of the First Schedule 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 the payment of such amount is made by the Central Government to the Commissioner.

(3) The amount determined in relation to any tea company in accordance with the provisions of sub-section (2) shall be given by the Central Government to the tea company in addition to the amounts specified in columns (4) and (5) of the First Schedule against that company.

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The Tea Companies (Acquisition and Transfer of Sick Tea Units) Act,1985

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