Withdrawal of area or estate or part thereof

Where the Government is satisfied that in respect of any particular industrial estate, industrial area, or any part thereof, the purposes for which the Corporation was established under this Act have been substantially achieved so as to render the continued existence of such estate, centre or area or part thereof under the Corporation unnecessary, the Government may, by notification in the Gazette, declare that such industrial estate, or industrial area or part thereof, has been removed from the jurisdiction of the Corporation. Thereupon, the Goverment may, after Consulting the Corporation, pass such orders in respect of consequential financial arrangements with the Corporation and the transfer or apportionment of any assets and liabilities of the Corporation as they may deem fit. The Government may also make such other incidental arrangements for the administration of such estate, centre or area or part thereof as they think fit. :