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[Cites 0, Cited by 0] [Section 49(7)] [Section 49] [Entire Act]

Union of India - Subsection

Section 49(7)(i) in The Industrial Reconstruction Bank Of India Act, 1984

(i)the allotment to the members of the assisted industrial concern, for any share or shares held by them therein before its reconstruction or amalgamation [whether their interest on such shares has been reduced under clause (f) or not], of shares in the assisted industrial concern on its reconstruction, or, as the case may be, in the transferee industrial concern and where any member claims payment in cash and not allotment of shares, or where it is not possible to allot shares to any member, the payment in cash to those members in full satisfaction of their claims,-
(i)in respect of their interest in shares in the assisted industrial concern before its reconstruction or amalgamation; or
(ii)where such interest has been reduced under clause (f), in respect of their interest in shares as so reduced;