Section 7 in Anglo-French Textiles Limited (Acquisition and Transfer of Textile Undertaking) Act, 1986
7. Payment of amount to owner of textile undertaking.
(1)The owner of the textile undertaking shall be given by the Government, in cash and in the manner specified in Chapter-V, for the transfer to, and vesting in the Government under sub-section (1) of section 3 of the textile undertaking and the right, tile and interest of owner in relation to such textile undertaking, an amount equal to the amount specified against it in column (4) of the First Schedule.(2)In addition to the amount referred to in sub-section (1), there shall be given by the Government, in cash, to the owner of the textile undertaking, simple interest at the rate of four per cent per annum on the amount specified against such owner in column (4) of the First Schedule for the period commencing on the appointed day, and ending on the date on which the payment of such amount is made by the Government to the Commissioner.(3)The amount representing interest calculated at the rate specified in sub-section (2) shall be given in addition to the amount specified in the First Schedule.(4)Where any liability of the owner specified in the Second Schedule is discharged by the Government or the Corporation according to the order of the priorities Mentioned in the Second Schedule, the amount to be paid to the owner under sub-section (1) shall stand reduced to that extent.
