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[Cites 0, Cited by 0] [Section 7] [Entire Act]

State of West Bengal - Subsection

Section 7(2) in The Technicians' Studio Private Limited Act, 1980

(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 subclauses (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 (i) of that clause.
(c)In addition to the market value of the Company as provided in subsection (1), the Tribunal shall allow interest at the rate of six per centum per annum on the market value of the Company from the date of notification under section 6 till the date of the award.