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Section 16

The National Company Limited (Acquisition and Transfer of Undertakings) Ordinance, 1980.Ordinance · 1980

(1) The Central Government shall, within thirty days from the payment specified date, pay, in cash, to the Commissioner, for payment to the by the Company,— Central Govern-

(a) an amount equal to that specified in section 8; ment to

(6) further amount equal to the amount payable to the Com- th.e ?om~ pany under section 9.

(2) A deposit account shall be opened by the Central Government in favour of the Commissioner in the Public Account of India, and every amount paid under this Ordinance to the Commissioner shall be deposited by him to th.e credit of the said deposit account and the said deposit account shall be operated by the Commissioner.

(3) Records shall be maintained by the Commissioner in respect of the undertakings of the Company in relation to which payment has been made to him under this Ordinance.

(4) Interest accruing on the amounts standing to the credit of the deposit account referred to in sub-section (2) shall enure to the benefit of the Company.

Where this provision sits

ActThe National Company Limited (Acquisition and Transfer of Undertakings) Ordinance, 1980.
Section16
StatusIn force as published by the source

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