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Section 8 – 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 8. Payment of further amount

(1) The amount specified in section 7 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 payment of such amount is made by the Central Government to the Commissioner.

(2) The amount determined in accordance with the provisions of sub-section (1) shall be paid by the Central Government to the Company in addition to the amount specified in section 7.

(3) For the removal of doubts, it is hereby declared that the liabilities of the Company, in relation to its undertakings which have vested in the Central Government under section 3, shall be discharged from the amount referred to in section 7, and also from the amount determined under sub-section (1) in accordance with the rights and interests of the creditors of the Company.

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

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