(1) For the deprivation of the Company of the management of its undertakings, there shall be given by the Central Government to the Company, in cash, an amount calculated at the rate of rupees ten thousand per annum for the period commencing on the date on which the management of the textile undertakings of the Company was taken over in pursuance of the order made by the Central Government under section 10AA of the Industries (Development and Regulation) Act, 1991 and 65 of 1951 ending on the appointed day.
(2) In consideration of the retrospective, operation of the provisions of sections 3 and 4, there shall 'also be given by the Central Government to the Company, in cash, an amount calculated at the rate of rupees ten thousand per annum for the period commencing on the appointed day and ending on the date of promulgation of this Ordinance.
(3) The amount specified in section 8 and the amounts determined in accordance with the provisions of sub-sections (1) and (2) 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 amounts is made by the Central Government to the Commissioner.
(4) The amounts determined in accordance with the provisions of subsections (1), (2) and (5) shall be given by the Central Government to the Company in addition to the amount specified in section 8.
(5) For the removal of doubts, it is hereby declared that the liabilities of the Company in relation to the textile undertakings, which have vested in the Central Government under section 3 shall be discharged from the amount referred to in section 8 and also from the amounts determinedunder sub-sections (1), (2) and (3), in accordance with the rights and interests of the creditors of the Company, Management, etc., of the textile undertakings.
CHAPTER IV MANAGEMENT, ETC., OF THE TEXTILE UNDERTAKINGS
10. The National Textile Corporation or any person which that Corporation may, by order in writing, specify, shall be entitled to exercise the powers of general superintendence, direction, control and management of the affairs and business of a textile undertaking, the right, title and interest of the Company in relation to which have vested in that Corporation under sub-section (2) of section 3, and do all such things as the Company ig authorised to exercise and do.
SEC 1] THE GAZETTE OF INDIA EXTRAORDINARY 7
11. On the vesting of a textile undertaking in the National Textile Corporation, all persons in charge of the management of a textile undertaking immediately before such -vesting shall be bound to deliver to the National Textile Corporation, all assets, books of account, registers or other documents in their custody relating to the textile undertaking.
CHAPTER V PROVISIONS RELATING TO EMPLOYEES OP THE TEXTILE UNDERTAKINGS