(1) For the acquisition of the Company under section 6, the compensation payable by the State Government to the persons interested in the Company shall, subject to sub-section (2), be the market value of the Company as on the date of notification under section 6.
Appointment of Administrator.
Acquisition of the Company.
Payment of compensation.
107 The Technicians' Studio Private Limited Act, 1980.
[West Ben. Act Manner of payment of compensation.
Penalty.
(Sections 8, 9.)
(2) (a) The State Government shall appoint a Tribunal consisting of a person who is or has been a District Judge or an Additional District Judge and such Tribunal shall determine—
(i) the amount payable as compensation by the State Government to the persons interested in the Company,
(ii) the amount payable by the Company to the State Government and other creditors, if any, of the Company.
(b) The Tribunal shall, upon determination of the amount under sub-clauses (i) and (ii) of clause (a), make an award. In making the award the Tribunal shall, if necessary, deduct the amount under sub-clause (ii) of clause (a) out of the amount under sub-clause CO of that clause.
(c) In addition to the market value of the Company as provided in sub-section (1), the Tribunal shall allow interest at the rate of six per canton per annum on the market value of the Company from the date of notification under section 6 till the date of the award.
(3) The State Government may appoint one or more assessors to assist the Tribunal appointed under sub-section (2).
(4) The Tribunal shall have the powers of a civil court while trying suits under the Code of Civil Procedure, 1908, in respect of the 5 of 1908.
following matters:—
(a) summoning and enforcing the attendance of any person and examining him on oath,
(b) requiring the discovery or production of documents,
(c) receiving evidence on affidavits, and
(d) issuing commissions for the examination of witnesses and documents.
(5) Any person aggrieved by the award of the Tribunal may appeal to the High Court within thirty days from the date of such award.
8. For the acquisition of the Company the State Government shall, as soon as possible after the date of the award made by the Tribunal, or, as the case may be, the date of the order of the High Court in the case of an appeal, pay in cash to the persons interested in the Company the amount of compensation determined under section 7 together with interest at the rate of six per centum per annum from the date of the award till the date of payment.
9. Any person who—
(a) having in his possession, custody or control any property belonging to the Company, wrongfully withholds such property from the Administrator, or 108 The Technicians' Studio Private Limited Act, 1980.
XXVIII of 1980.1 (Sections 10-14.)
(b) wrongfully obtains possession of any property forming part of the property of the Company, or
(c) wilfully withholds or fails to produce to any person authorised under this Act any register, record or other documents which may be in his possession, custody or control, or
(d) fails, without any reasonable cause, to submit any document, books or other instruments, when required to do so, shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to five hundred rupees, or with both.
10. No suit or prosecution or other legal proceeding shall lie against the State Government or any person appointed under this Act for anything which is in good faith done or intended to be done under this Act or the rules made thereunder.