Amendment status not verified — confirm the current text below against the official source.
Amount to be given to Companies.- (1) The amount to be given to a company, the undertaking of which vests in the Government under this Act, shall be determined and paid in the manner hereinafter provided. 7 (2) The amount to be given shall be the aggregate value of the sums specified below:- (i) the book value of all completed works in beneficial use pertaining to the undertaking and handed over to the Government (excluding works paid for by consumers) less depreciation calculated in the manner specified in the Schedule; (ii) the book value of all works in progress handed over to the Government, excluding works paid for by consumers or prospective consumers; (iii) the book value of all stores including spare parts handed over to the Government and in the case of used stores and spare parts, such sum as may be decided upon by mutual agreement between the Government and the companies; (iv) the book value of all other fixed assets in use on the vesting date and handed over to the Government less depreciation calculated in the manner specified in the Schedule; (v) the book value of all plant and equipment existing on the vesting date but no longer in use owing to wear and tear or to obsolescence, to the extent such value has not been written off in the books of the company less depreciation calculated in the manner specified in the Schedule; (vi) the book value of all intangible assets to the extent such value has not been written off in the books of the companies; (vii) the sum due from consumers in respect of every hire-purchase agreement referred to in section 6 (1) (ii) less a sum which bears to the difference between the total sum of the instalments and the original cost of the material or equipment, the same proportion as the sum due bears to the total sum of the instalments; (viii) any sum paid actually by the company in respect of every contract referred to in section 6 (1) (iii). 1[(ix) a sum equal to ten percent of the aggregate of the amounts specified in clauses (i) to (vi), in consideration of the compulsory nature of acquisition;]1