Section 8 in The Bharat Hydro Power Corporation Limited (Acquisition and Transfer of Undertaking) Act, 1996
8. Gross amount payable to the company.
- The gross amount payable to the company shall be the aggregate value of amounts specified below :(a)if the company executed any work in the project (to be qualified) after the date the company took over till vesting on the State Government, the value of such assets to be determined by the Commission to be appointed under this Act less the depreciation calculated in accordance with the Schedule ;(b)the book value of all completed works in beneficial use pertaining to the project and taken over by the State Government excluding the value of such work executed prior to handing over to the company less deprecation calculated in accordance with the Schedule ;(c)the book value of all work in progress taken over by the State Government between the period of the Company's taking over in April, 1994 till the appointed day ;(d)the book value of all stores including spare parts procured by the company for the project taken over by the State Government and in case of used stores and spare parts, it taken over, such sums as may be determined by the Commission;(e)the book value of all other fixed assets in use on the appointed day excluding those existing on the date of handing over to the company less depreciation calculated in accordance with the Schedule ;(f)the book value of all plants and equipments existing on the appointed day excluding those on the date of handing over to the company, if taken over by the State Government but no longer in use owing to wear and tear or obsolations to the extent such value has not been recorded in the books of accounts of the company less depreciation to be calculated in accordance with the Schedule ;(g)any amount paid actually by the company in respect of any contract referred to in clause (iii) of sub-section (1) of Section 4;Provided that the State Government shall resume the possession of the assets transferred to the company in the month of April, 1994 without paying any consideration thereof.Explanation. - The book value of any asset means the original cost and shall comprise of-(i)the purchase price by the company for the asset including the cost of delivery and all charges property incurred in erecting and bringing the asset into beneficial use as shown in the books of the company ;(ii)the cost of supervision actually incurred during the period from April, 1994 till the appointed day, but not exceeding the ceiling as determined by the Commission constituted for the purpose :Provided that before deciding the amount under this clause the company shall be given an opportunity by the State Government of being heard after giving the Company a notice of at least fifteen days therefor.(iii)when any asset acquired by the Company after the expiry of the period to which the latest annual accounts relates, the book value of the asset shall be such as may be decided upon by the State Government:Provided that before deciding the book value of any such asset the company shall be given an opportunity by the State Government of being heard after giving a notice of at least fifteen days therefor.
