(1) After admitting a claim under this Act, the amount due in respect of each share acquired by virtue of this Act, shall be paid by the Commissioner to the person or persons to whom such sums are due, and such payment, the liability of the State Government in respect of the share so acquired, shall stand discharged.
(2) The Commissioner shall also apportion amongst the shareholders, the amount paid to him by way of interest under sub- section (3) of section 7, and such apportiofl ment shall be made on the basis of the amount due to each shareholder.
UndisbUrSed or unclaimed amount to be deposited to general revenue account
12. Any money paid to the Commissioner which remain undisbursed or unclaimed on the date immediately preceeding the date on which the office of the Commissioner is finally wounded up, shall be transferred by the Commissioner before - his office is finally wounded up to the general revenue account of the State Government, but a claim to any money so transferred, may be preferred to the State Government by the person entitled to such payment and shall be dealt with as if such transfer had not been made, the order, if any, for payment of the claim being treated as an order for the refund of revenue.
Power of inspection
13. For the purposes of ascertaining whether any person claiming payment under this Act is a shareholder, the Commissioner shall have the right to
(a) require any person having the possessiOns to custody or control of any register or record of the Company, to produce such register or record before the Commissioner,
(b) require any person to make any statement or furnish any information which may be required by the CommiS5i0fle1~ Power of Commissioner to enquire into disputes as to amount
14. Where there is any dispute as to the person or persons who are entitled to any amount payable under this Act. (including any dispute as to who are the legal representatives of any deceased claiment to the amount), the Commissioner may, after making such enquiry as he may deem fit, make the payment to such person as appears to him to be best entitled to receive the amount:
Provided that if the Commissioner is unable to determine as to who is the person entitled to the amount and considers that the matters could more appropriately be dealt with by the principal civil court of original jurisdiction within the local limits of whose jurisdiction the registered office of the Company is situated, he may refer such dispute to the said-court, whose decision thereon shall be final;
Provided further that nothing contained herein shall effect the liability of any person, who may receive the whole or any part of the amount allowed under this Act to pay the same to the person lawfully entitled thereto.
Deposit of amount in court
15. Where any dispute has been referred under section 14 by the Commissioner to the civil court referred to therein he shall deposit the amount in that court.
Chapter III MISCELLANEOUS Act, have over riding effect
16. The provisions of this Act shall have effect not withstanding anything inconsistent therewith contained in any law, other than this Act, or in any instrument having effect by virtue of any law, other than this Act Penalties
17. If any person:
(a) makes any claim for any payment under this Act knowing or having reason to believe that such claim is false or without any basis;
(b) when required under this Act so to do:
(i) omits or fails to produce any register or record of the Company; or
(ii) makes any statement or furnishes any information which is false in any material particular and which he knows or believes to be false or does not believe to be true; or
(c) makes any such statement as aforesaid in any book, account, record, register, return or other documents, he shall be punishable with imprisonment for a term, which may extend to two years, or with fine which may extend to two thousand rupees or with both.
Offences by Companies