(1) Subject to the provisions of this Act and in accordance with the rules made thereunder, the
3. See the relevant provisions of the Companies Act, 2013 (Central Act 18 of 2013).
Industries to which aid may be given.
Central Act 1 of 1956.
Grant of aid by the Government.
[Act No.53 of 1976] 5 Government may grant aid to any industry by way of a loan for all or any of the following purposes:-
(i) purchase of land and erection of buildings;
(ii) purchase of plant and machinery;
(iii) purchase of raw materials;
(iv) working capital or other incidentals necessary for the purpose of carrying on the industry;
(v) paying the cost of employment of technical specialists or experts and of training of personnel;
(vi) paying the cost of employment of managerial staff by industrial co-operatives;
(vii) repayment of debts contracted for the purpose of acquiring fixed assets;
(viii) recoupment and reimbursement of capital invested within one year prior to the date of application for the acquisition of fixed assets;
(ix) discharge of mortgaged debts secured on fixed assets, not more than one year prior to the date of application;
(x) payment towards the share capital of an industrial co-operative subject to a maximum of seventy five per cent of the share value or rupees one hundred and fifty per artisan, whichever is less.
(2) The loan that may be granted by the Government under this section shall not exceed,– 6 [Act No.53 of 1976]
(a) rupees twenty-five thousand in the case of an applicant who is an individual; and
(b) rupees two lakhs in the case of an applicant which is an industry, not being an individual.