(1) Any person desiring to obtain a loan or other aid for any industrial business or enterprise shall make his application to the Director of Industries in such form and shall furnish such information concerning his business as may be prescribed.
(2) If the extent of the aid applied for exceeds rupees fifty thousand and in any other case in which the Government considers this procedure necessary, the Director of Industries shall publish a notice in the prescribed manner calling upon any person who objects to the grant of the aid applied for to state his objections at a time or place to be specified, and shall hear such objection and make such inquiry as may be necessary.
(3) Every application for aid exceeding rupees ten thousand shall be placed before the Board for advice.
(4) No aid shall be granted under this Act if the Board, by unanimous resolution at a meeting, advises the rejection of the application for such aid.
507 Grant of loans
9. No loan shall be granted of an amount exceeding 75 per cent of the net value of the assets of the industrial business or enterprise and of any other property offered as collateral security for the loan after deducting in both cases existing encumbrances, such value to be ascertained by such person as may be appointed by the Government and in accordance with rules as may be prescribed:
Provided that for the purpose of this valuation, the additional assets which may be created by the expenditure of the sums granted as loan may be taken into account to such extent as may be prescribed.
Loans how secured