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Section 16

The Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Ordinance, 1984.Ordinance · 1984

(1) The Central Government shall, within thirty days from the specified date, pay in cash to the Commissioner, for payment to each of the two' companies,—

(a) an amount equal to the amount specified agaimt the name of such company in the First Schedule; and

(h) an amount equal to the amounts payable to Cfich of the >'"<* companies under section 9.

Payment by Central Government to the Commissioner.

(J) A deposit account shall be opened by the Central Government in favour of the Commissioner in the Public Account of India and every amount paid under this Ordinance to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit accourii slu.lt be operated by the Commissioner.

(3) Separate records shall be maintained by the Commissioner in respect of the undertakings of each of the two companies in relation to which payments have been made to him under this Ordinance.

(4) Interest accruing on the amount standing to the credit o£ the deposit account referred to in sub-section (2) shall enure to the benefit of t!ie two companies.

Where this provision sits

ActThe Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Ordinance, 1984.
Section16
StatusIn force as published by the source

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