Question

Under the General Insurance Business (Nationalisation) Act, how is the payment for the transfer and vesting of shares to the Central Government made?

Q: Answer-Under the General Insurance Business (Nationalisation) Act, how is the payment for the transfer and...

ExplanationSection 11. Amounts to be paid for transfer and vesting of shares or undertakings 1 For the transfer of the shares of each Indian insurance company to, and vesting in, the Central Government, under section 4, there shall be paid by the Central Government to the Corporation, for distribution to the shareholders of each such company, the amount specified against such company in the corresponding entry under column 3 of Part A of the Schedule.