Section 8 of The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986
For the transfer to, and vesting in the Central Government, under section 3, of the textile undertakings of the Company, and the right, title and interest of the Company in relation to such undertakings, there shall be given by the Central Government to the Company in cash and in the manner specified in Chapter VI, an amount of rupees twenty-four crores and thirty-two lakhs.
Summary
- The government is required to pay an amount of twenty-four crores and thirty-two lakhs rupees.
- This payment must be made specifically in cash.
- The money is given to the original Company as compensation for the transfer and vesting of its textile undertakings under Section 3.
- The handling and distribution of this payment must follow the procedures laid out in Chapter VI of the Act.
Practical examples
FAQ
1. How much money does the government pay the Company under Section 8 of the Swadeshi Cotton Mills Act?
Under Section 8 of the Swadeshi Cotton Mills Act, the Central Government pays the Company an amount of twenty-four crores and thirty-two lakhs in rupees. This specific amount is paid in cash. The payment is given for the transfer of the textile businesses and the Company's rights to the government.
2. Why is payment made according to Section 8 of the 1986 textile takeover legislation?
According to Section 8 of the 1986 textile takeover legislation, the payment is made because the government is taking over the textile businesses. The government acquires all the right, title, and interest of the Company. The Central Government pays for this complete transfer of ownership.
3. In Section 8 of the Swadeshi Cotton Mills takeover law, how is the money delivered?
In Section 8 of the Swadeshi Cotton Mills takeover law, the money is delivered in cash. The Central Government hands this money over in a specific manner. It is processed through a special official called the Commissioner.
Test yourself
Q1.Under Section 8 of The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986, what is the exact amount to be paid by the Central Government to the Company?
Q2.Under Section 8 of The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986, what specific legal event from Section 3 triggers the Central Government's obligation to pay this amount?
Q3.According to Section 8 of The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986, in what form must the Central Government provide the payment to the Company?
Q4.Which part of The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986 governs the manner in which the payment under Section 8 is handled?