Amendment status not verified — confirm the current text below against the official source.
Shares to be issued by the State Industrial Develop,nent Corporation for the va/tie of the assets transferred to it by Govern,neiit.—(l) An amount equal to the value of the assets of the undertakin4 and the properties sold which are transferred to, and vested in,. the State. Industrial Development Corporation under sub-section (2) of section .31 shall be deemed to be the contribution made by the Governmet to the equity' capital of the State Industrial Development r] Corporation; and for the contribution so made, the State Industrial Development Corporation shall issue (if necessary after amending its memorandum and articles of association) to the Government paid-up shares, in the equity capital, having a face value equal to the amount specified against the undertaking in the corresponding entry in column (3) of the First Schedule. (2) Where any liability is assumed by the Government under sub-section (1) of section 26 they may call upon the State Industrial Development Corporation to issue (if necessary, after amending the memorandum and articles of association of the Corporation) to the Government additional paid-up shares, in its equity capital having a face value equal to the amount of the liability assumed by the Government under the said sub-section. CHAPTER III PAYMENT OF AMOUNT OR COMPENSATION Payrnent of amount to owner of the undertaking.—(l) The owner of the undertaking shall be given by the Government, in cash and in the manner specified in Chapter VI for the transfer to, and vesting in, it under sub-section (1) of section 3, of such undertaking and the right, title and interest of the owner in relation to the undertaking, an amount equal to the amount specified against it in the corresponding entry in column (3) of the First Schedule. - (2) In addition to the amount referred to in sub-section (1), there shall be given by the Government, in. cash, to the owner of the undertaking, simple interest at the rate of four per cent per annum on the amount specified against such owner in the corresponding entry in column (3) of the First Schedule for the period commencing on the date of commencement of this Act, and ending on the date on which payment of such amount is made by the Government to the Commissioner. Paynzent of further amount.—(l) The textile company shall be given by the Government for the deprivation of its management an amount of one thousand rupees per annum for the period commencing on the date on which the undertaking has been closed and ending on the date of commencement of this Act. 4 21 The amount calculated in accordance with the provisions of sub-section (1) shall carry simple interest at the rate of four per cent per annum for the period commencing on the date of commencement of this Act and ending on the date on which the payment of such amount is made by the ovemnient to the Commissioner. The. amounts determined in relation to the undertaking in accordance with..the provisions. of sub-seclions (1) and (2) shall be given, by the Government to the textile company in addition to the amount specified in the First Schedule against that company.