Section 42A(5) in Maharashtra Industrial Development Act, 1961
(5)When any such notice is issued, the State Government shall give a reasonable opportunity of being heard to the plot holder and other persons interested in the plot and it shall be open to the plot holder or any other persons interested in the plot to appear and object to such acquisition on the ground that the unutilised portion is required by the plot holder himself for the purpose of immediate expansion of his own industry and that he has already taken effective steps for utilising such portion.Explanation. - For the purposes of this sub-section, the expression "effective steps" shall mean the following steps, namely:-(i)the plot holder has prepared the necessary project report in respect of the proposed expansion of his industry indicating the requirements of such expansion; and(ii)(a)the plot holder has obtained whenever necessary letter of intent or industrial licence or registration from the Government of India as required under the Industries (Development and Regulation) Act, 1951; or(b)the plot holder has completed the negotiations with financial institutions for raising required finance and sixty per cent. or more of the capital requirements for such expansion have been subscribed in the case of the company which has to go in for public issue where applicable; or(c)the plot holder has placed a firm order for purchase of at least 50 per cent. of the plant and machinery required for the purpose of expansion.
