Nov 09, Colombo: The proposed bill to revive underperforming and underutilized assets states that a committee would be appointed to decide on the compensation to be paid to the companies that would be acquired by the government under the legislation.

Sri Lankan Prime Minister D.M. Jayaratne Tuesday presented the "Revival of Under Performing and Underutilized Assets" to the parliament amidst strong objection from the opposition parties.

The bill reportedly states that the committee to be appointed by the Cabinet of Ministers would include the Chief Government Valuer and two others with broad knowledge on commercial valuations.

The payment of compensation has to be completed in six months and those who are displeased with the amount could file an appeal before the Court of Appeal.

According to the bill, the acquired assets are assigned to the Treasury and the Cabinet of Ministers would appoint a Competent Authority to oversee the acquired assets.

The opposition political parties have objected to the bill and it is to be debated in the parliament today.