Application for State aid and procedure in dealing with applications

(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 and Commerce 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 Rs. 50,000 and in any other case in which he considers this procedure necessary, the Director of Industries and Commerce 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 in amount or value twenty-five thousand rupees shall be placed before the Board of Industries for advice. (4) The State Government may constitute district committees for the purpose of advising on applications for aid. (5) No aid shall be granted under this Act if the Board by a unanimous resolution at a meeting advises the rejection of the application.