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Section 132: Use of proceeds of sale or transfer of Board, etc.

The Electricity Act, 2003Central Act · Act 36 of 2003

In the event that a Board or any utility owned or controlled by the Appropriate Government is sold or transferred in any manner to a person who is not owned or controlled by the Appropriate Government, the proceeds from such sale or transfer shall be utilised in priority to all other dues in the following order, namely:--

(a) dues (including retirement benefits due) to the officers and employees of such Board or utility, who have been affected by the aforesaid sale or transfer;

(b) payment of debt or other liabilities of the transferor as may be required by the existing loan covenants.

Where this provision sits

ActThe Electricity Act, 2003
Section132
Marginal noteUse of proceeds of sale or transfer of Board, etc.
JurisdictionCentral
StatusIn force as published by the source

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