Amendment status not verified — confirm the current text below against the official source.
(1) An industry to which aid may be given under this Act shall be such as has an important bearing on the economic development of the State and such industry may be (a) a new or nascent industry, or (b) an industry to be newly introduced into areas where such industry is undeveloped or under developed, or (c) a cottage or village industry or a small scale industry, or (d) an old or established industry: Provided that no aid shall be given to an old or established industry unless the State Government is satisfied that special reasons exist for giving such aid: Provided further that no aid shall be given to a company unless it- (i) is registered in India on a rupee capital, (ii) conforms to such rules as may be made by the State Government from time to time, and @span(iii) has, on its Board or Management, such number of citizens of India as may be prescribed or such number of directors as the State Government may specify. Explanation:- (i) Cottage Industry means an industry carried on in any premises to which the Factories Act, 1948 (Central Act 63 of 1948) does not apply and includes dairy farming, beekeeping and keeping of poultry farm. (ii) Small scale industry means- 1 [(a) an industry with a capital investment of not more than Rupees 7.5 lakhs or such amount as may be notified by the State Government from time to time in plant and machinery only irrespective of the number of persons employed therein, or (b) an industry with capital investment not exceeding Rs. 10 lakhs, or such amount as may be notified by the State Government from time to time in plant and machinery and manufacturing ancillary and components of such industry as may be specified in this behalf by the Development Commissioner, Small Scale Industries.] (iii) Village industry means any industry which forms a normal occupation, whether whole-time or part-time, of any class of the rural population of the State. (2) The decision of the State Government as to whether the conditions of this section are fulfilled shall be final and shall not be called in question in any court of law.