(1) The Central Government shall pay compensation to the company for the acquisition of the undertaking of the company and such compensation shall be determined in accordance with the principles specified in the Schedule and in the manner hereinafter set out, that is to say,—
(a) where the amount of compensation can be fixed by agreement, it shall be determined in accordance with such agreement;
(b) where no such agreement can be reached, the Central Government shall refer the matter to the Tribunal within a period of three months from the date on which the Central Government and the company fail to reach an agreement regarding the amount of compensation.
(£) Notwithstanding that separate valuations are calculated under the principles specified in the Schedule in respect of the several matters referred to therein, the amount of compensation to be given shall be deemed to be a single compensation to be given for the undertaking as a whole.
(3) The amount of compensation determined in accordance with the foregoing provisions shall be paid to the company in cash within a period of six months from the date of such determination:
Provided that if compensation is not paid Within the period aforesaid, the Central Government shall pay interest on the amount of compensation at the rate of four per cent, per annum from the date of expiry of the said period.
CHAPTER III TRIBUNAL Constitution of Tribunal.
11, (7) The Central Government may for the purposes of this Ordinance constitute a Tribunal which shall consist of a single person who is, or has been, or is qualified to be, a Judge of a High Court or of the Supreme Court.
(2) The Tribunal may choose one or more persons possessing special knowledge of any matter relating to any case under inquiry to assist the Tribunal in determining any question which has to be.
decided by it under this Ordinance.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 333 5 of 1908.
(3) The Tribunal shall have the powers of a civil court while trying a suit under the Code of Civil Procedure, 1908, in respect of the following matters, namely:—
(a) summoning and enforcing the attendance of any person and examining him on oath;
(b) requiring the discovery and production of documents or other material objects producible as evidence;
(c) receiving evidence on affidavits;
(d) issuing commissions for the examination of witnesses or documents.
(4) The Tribunal shall have power to regulate its own procedure and decide all matters within its competence, and may review any of its decisions in the event of there being a mistake on the face of the record or correct any arithmetical or clerical error therein but subject thereto, the decision of the Tribunal on any matter within its jurisdiction shall be final and conclusive.
I of 19J6.
CHAPTER IV MANAGEMENT AND ADMINISTRATION OF THE UNDERTAKING
12. For the efficient management and administration of the undertaking of the company vested in the Central Government by virtue of this Ordinance, that. Government may form a Government company in accordance with the provisions of the Companies Act, 1*36 and on the formation of such company, the undertaking, together with all its properties, assets, liabilities and obligations specified In sub-section (I) of section 4 and such other properties, assets, liabilities and obligations as may, after the commencement of this Ordinance, be acquired or incurred for the purposes of the undertaking, shall, by virtue of this Ordinance, stand transferred to, and vest in, that Government company.
Formation of Government company for management of undertaking.