8. Payment of amount to owners of textile undertakings.—The owner of every textile undertaking
shall be given by the Central Government, in cash and in the manner specified in Chapter VI, for the
transfer to, and vesting in, it, under sub-section (1) of section 3, of such textile undertaking and the right,
title and interest of the 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.
9. Payment of further amount.—(1) In consideration of the retrospective operation of the provisions
of sections 3, 4 and 5, there shall be given, in cash, by the Central Government to the owner of every
textile undertaking, the management of which was taken over by the Central Government, an amount
equal to an amount calculated at the rate specified in section 5 of the Textile Undertakings (Taking Over
of Management) Act, 1983 (40 of 1983), or as the case may be, as specified in section 5 of the
Laxmirattan and Atherton West Cotton Mills (Taking Over of Management) Act, 1976 (98 of 1976) for
the period commencing on the appointed day and ending on the date on which the Textile Undertakings
(Nationalisation) Ordinance, 1995 (Ord. 6 of 1995) was promulgated.
8
(2) In addition to the amount referred to in section 8, there shall be given by the Central Government,
in cash, to the owner of every textile undertaking, simple interest at the rate of four per cent.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 payment of such
amount is made by the Central 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) For the removal of doubts, it is hereby declared that the liabilities of the owners in relation to the
textile undertakings which have vested in the Central Government under section 3 shall be discharged
from the amount referred to in the First Schedule and also from the amounts determined under
sub-sections (1) and (2) in accordance with the rights and interests of the creditors of the owner.