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Section 15 – The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983

The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983

Section 15. Payment by the Central Government to the Commissioner

(1) The Central Government shall, within thirty days from the specified date, pay in case to the Commissioner, for payment to the Company-

(a) An amount equal to the amount specified in section 7, and

(b) An amount equal to the amount 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 undertakings of the Company in relation to which payment has 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 endure to the benefit of the Company.

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The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983

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