Amendment status not verified — confirm the current text below against the official source.
(I) For the transfer to, and vesting in, the State Government, under section 3, of the undertakings of the Company and the right, title and interest of the Company in relation to its undertakings, there shall he given by the State Government to the Company in cash, as a one-time settlement, a sum of rupees six lakhs and eighty-three thousand within such time as the State Government may by notification specify. (2) For the avoidance of doubt, it is hereby declared that the liabilities of the Company in relation to the undertakings which have vested in the State Government under section 3, shall be met from the amount referred to in sub-section (I). (3) Every person having a claim to the amount as aforesaid or any part thereof shall prefer such claim before the Commissioner of Payments appointed under section 7 within such period as the State Government may by notification specify. Power of state Government to direct vesting of the undertakings of the Company in an existing Government company. Payment of amount.