(1) The amount payable in accordance with the provisions of section 7 shall carry simple interest at the rate of four per cent.per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the State Government to the Commissioner.
(2) The amount representing interest calculated at the rate specified in sub-section (1) shall be given by the State Government to proprietors in addition to the amount specified in section 7.
(3) For the removal of doubts it is hereby declared that the liabilities of the proprietors in relation to their undertaking which has vested in the State Government or the Corporation under section 3 shall be discharged from the amounts specified in section 7 and also from the amounts specified in sub-section (1) in accordance with the rights and interests of the creditors of the proprietors.
6 Central India Spinning, Weaving and Manufacturing [1986 : Mah.XLVI Company Limited, The Empress Mills, Nagpur (Acquisition and Transfer of Undertaking) Act, 1986.
Management, etc.
of the undertaking:
1986 : Mah.XLVI] Central India Spinning, Weaving and Manufacturing 7 Company Limited, The Empress Mills, Nagpur (Acquisition and Transfer of Undertaking) Act, 1986.
CHAPTER IV MANAGEMENT, ETC. OF THE UNDERTAKING