Section 7 in Gujarat Closed Textile Undertakings (Nationalisation) Act, 1986
7. Payment of amount to owners of specified textile undertakings.
(1)The owner of every closed textile undertaking shall be given by the State Government, in cash and in the manner specified in Chapter V, for the transfer to, and vesting in, the State Government under sub-section (1) of Section 3 of the specified textile undertaking and the right, title and interest of owner in relation to such textile undertaking, an amount equal to the amount specified against it in the corresponding entry 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 State Government, in cash, to the owner of every specified textile undertaking, simple interest at the rate of four percent per annum on the amount specified against such owner in the corresponding entry 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 State 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 State Government or the Corporation according to the order of the priorities mentioned in that Schedule, the amount to be paid to the owner under sub-section (1) shall stand reduced to that extent.
