(1) The State Government shall pay a sum of Rs.1,31,59,372 (rupees one crore thirty-one Lakhs, fifty-nine thousand, three hundred and seventy two) as compensation to the Company for the acquisition of the undertaking of the Company, after deducting therefrom all amounts of loan and interest thereon (including penal interest) and taxes (including penalty) due to if from' the Company.
(2) The said, balance of the amount of compensation shall be paid into court to the credit of the Company within six months from the date on which the property, books, documents or other papers referred to in section 5, are duly delivered or the date on which the particulars referred to in section 6, are duly delivered whichever be later (hereinafter in this section referred to as the said date) and any difference or dispute about the said date shall be decided by the court.
(3) The said amount of compensation shall carry interest at the rate of six per cent per annum from the said date till the date of payment into court.
(4) Any difference or dispute about the correctness of the deductions referred to in sub-section (1) shall be decided by the court and if the court finds that the amount deducted exceeds the amount actually due to the State Government the State Government shall pay the difference together with-interest as specified in sub-section (3).
51 [The Bist Industrial Corporation Limited (Acquisition of Undertaking) Act, 1970] [Section 9-10]
(5) Any claim based on any debt, mortgage, charge or other encumbrance or lien, trust or similar obligation attaching to the undertaking of the company, which under the proviso to section 3 shall attach to the compensation, whether or not a decree has been obtained on the basis thereof, may be preferred to the court within six month from the commencement of this Act. Every such claim shall conform generally to the requirements of Orders VI and VII of the first Schedule to the code of Civil Procedure, 1908, as if it were a plaint.
(6) The court shall give notice of every payment made under sub-section (1) and of every clam preferred under sub-section (5) to the company.
(7) The sums paid into the court under sub-section (1) or sub-section (4) shall be disbursed by the court in accordance with its adjudication of any claim under subsection (5), and the court may make such interim orders respecting withdrawal or investment of the whole or part of any such sum as it thinks just and expedient.
Appeal 9. Every final decision of the court under section 7 or section 8 shall be deemed to be a decree, and the statement of the grounds of every such decision a judgment, within the meaning of clauses (2) and (9) respectively of section 2 of the Code of Civil Procedure, 1908 and subject to the provisions of the said code applicable to appeals from original decrees, an appeal shall lie therefrom to the High Court, and the decision of the High Court on such appeal shall be final.
Penalties 10. (1) Any person who----
(a) having in his possession, custody or control any property forming part of the undertaking of the company, withholds such property from the Collector in contravention of the provisions of section 5; or
(b) wrongfully obtains possession of any property forming part of the undertaking of the Company which has vested in the State Government under this Act; or
(c) willfully withholds or fails to deliver to the Collector any document which may be in his possession, custody or control and which he is required to deliver under section 5; or
(d) willfully fails to furnish an inventory as required by section 6; or
(e) when required to furnish such inventory, furnishes any particulars therein which are false and which he either knows or believes to be false or does not believe to be true shall be punishable with imprisonment for a term which may extend to three years or with fine, or with both.
(2) Any court trying any offence under clause (a), clause (b) or clause (c) of sub-section
(1) may, at the time of convicting the accused person, order him to deliver up or refund within a time to be fixed by it any property wrongfully withheld or wrongfully obtained or any document willfully withheld or not furnished.
(3) No court shall take cognizance of an offence punishable under this section except with the previous sanction of the State Government or of an officer authorized by the State Government in that behalf.
52 [The Bist Industrial Corporation Limited (Acquisition of Undertaking) Act, 1970] [Section 11-14] Offences by Companies