(1) For the transfer to, and vesting in, the State Government, under section 3 of the shares of the Company, there shall be given by the State Government to the shareholders of the Company in cash, the amount calculated as the value of such shares in accordance with the principles laid down in the Wealth Tax Act. 1957 (Act. 27 of 1957) and the Rules framed thereunder for determining the value of unquoted shares as in force on the appointed day and in the manner specified in section 7.
(2) The amount, referred to in sub-section (1), shall carry simple interest at the rate of four percent 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.
Appointment of Commissioner of Payments