Amendment status not verified — confirm the current text below against the official source.
Power of authority sanctioning the loan to terminate aid.—(1) If the authority sanctioning the loan is satisfied— (i) that the whole or any portion of the State aid given has been misapplied, or (ii) that there has been a breach by the grantee of the aid of the provisions of this Act, or of any rule made thereunder or of any conditions of the grant, or (iii) that the application on which the State aid has been granted contained or was accompanied by, any material statement by the grantee of the aid which he knew to be false or did not believe to be true or any intentional concealment by him of any material fact, which in the opinion of the authority sanctioning the loan it was his duty to disclose, or that any such false statement or concealment was intentionally made in any inquiry made under this Act by or with the connivance of the owner or in any return under this Act or in reply to any requisition for information under this Act, or (iv) that the industry is being managed in such manner as to endanger the repayment of the value of State aid granted thereto repayable under this Act, the authority may by order in writing terminate the State aid specifying the reason or reasons therefore. (2) No such order as mentioned in sub-section (1) shall be passed without giving the grantee an opportunity to show cause within a specified time why action should not be taken under this section. (3) Where an order terminating the aid is made under sub-section (1), then, notwithstanding anything contained in this Act or in any other law, the authority sanctioning the aid may proceed to recover from the grantee of the aid, as arrears of land revenue,— (a) the entire amount of any loan outstanding together with interest as may be due thereon, or (b) in cases where the aid is given otherwise than by loan, the money value of the aid as fixed at the time when it was made, together with interest due thereon, and (c) in the case mentioned in clause (a) or clause (b), the cost of recovery, and, if the Government so direct the cost of any inquiry made in connection therewith. (4) An order made under this section shall be final and shall not be called in question in any court of law. 12