Section 11 in The Bharat Hydro Power Corporation Limited (Acquisition and Transfer of Undertaking) Act, 1996
11. Deduction from the gross amount.
- The State Government shall be entitled to deduct the following sums from the gross amount payable under this Act to the company:-(a)the amount, if any, already paid advance ;(b)the amount, if any, specified in Sections 9 and 10 ;(c)the amount due, if any, including interest thereon, from the company to the Board, for energy supplied by the Board before the appointed day ;(d)the amount and arrears of interest thereon, if any, due from the company to the State Government;(e)the amount, if any, equivalent to the loss sustained by the State Government by reason of any property or rights belonging to the company not having been handed over to the State Government, the amount of such loss being deemed to be the amount by which the market value of such property or rights exceeds the amount payable therefor under this Act together with any income which might have been realised by the State Government, if the property or rights had been handed over on the appointed day ;(f)the amount of all loans due from the company to any financial institution constituted by or under the authority of the Slate Government or under any Act or covenant binding on the State Government and arrears of interest, if any, thereon ;(g)all sums paid by the sundry creditors by way of security deposit and arrears of interest due thereon on the appointed day so far as they have not been paid over by the company to the State Government, less the amount which according to the books of the company are due from the sundry creditors to the company for any transactions by the company before that date ;(h)the amount remaining in the dividends control reserve, contingency reserve, development reserve or any other reserve in so far as such amounts have not been paid over by the company to the State Government ;(i)the amount, if any, relating to debts, mortgages or obligations as mentioned in proviso to sub-section (2) of Section 4:Provided that before making any such deductions under this section the company shall be given notice to show cause against such deduction within a period of fifteen days from the date of receipt of such notice;(j)net dues payable by the company on account of pension, gratuity, Employees' State Insurance, Employees Provident Fund and any other statutory dues, incidental to the employment of the persons, which have become payable by the State Government to the statutory authorities after the appointed day on account of non-payment by the company before the appointed day.
