(1} On the appointed day, all the shares of the Company shall, by virtue of this Ordinance, stand transferred to, and vested in, the Central Government free from all trusts, liabilities and incumbrances.
Transfer and vesting of shares of the Company in the Central Government.
(2) The Central Government shall be deemed, on and from the appointed day, to have been registered in the Register of members of the Company as the holder of each share which stands transferred to, and vested in, it by virtue of the provisions of sub-section (1).
(3) For the removal of doubts, it is hereby declared that the provisions of sub-sections (1) and (2) shall not be deemed to affect-
(a) any right of the Company subsisting, immediately before the appointed day, against any shareholder to recover from such shareholder any sum of money on the ground that the shareholder has not paid or credited to the Company the whole or any part of the value of the shares held by him, or on any other ground whatsoever; or
(b) any right of the shareholder subsisting, immediately before the appointed day, against the Company to receive any dividend or other payment due from the Company.
4. {!)] For the transfer to, and vesting in, the Central Government, under section 3, of the shares of the Company, there shall be given by the Central Government to the Company, in cash, and in the manner specified in section 6, an amount of rupees seven crores, twenty-three lakhs, ninety-five thousand and one hundred and thirty-seven and fifteen paise.
Payment of amounts.
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(2) The amount, referred to in sub-section (I), shall carry simple interest at the rate of four per cent, per annum for the period commencing on the date of promuJgation of this Ordinance and ending on the date on which payment of such amount is made by the Central Government to the Commissioner.