Section 7 in The Technicians' Studio Private Limited Act, 1980
7. Payment of compensation.
(1)For the acquisition of the Company under section 6, the compensation payable by the State Government to the persons interested in the Company shall, subject to sub-section (2), be the market value of the Company as on the date of notification under section 6.(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.(3)The State Government may appoint one or more assessors to assist the Tribunal appointed under sub-section (2).(4)The Tribunal shall have the powers of a civil court while trying suits under the Code of Civil Procedure 1908, in respect of the following matters :-(a)summoning and enforcing the attendance of any person and examining him on oath,(b)requiring the discovery or production of documents,(c)receiving evidence on affidavits, and(d)issuing commissions for the examination of witnesses and documents.(5)Any person aggrieved by the award of the Tribunal may appeal to the High Court within thirty days from the date of such award.
