Section 48 in The Punjab State Aid to Industries Rules, 1936
48. Early recovery of loan under certain circumstances.
- If an eligible unit which has availed of interest-free loan under this Chapter :-(i)Stops continuously normal production for a period exceeding six months till the repayment of loan; or(ii)shifts the location of the unit without the concurrence of the Director of Industries, as envisaged under rule 47, or(iii)makes any change as is mentioned in rule 47 above, without prior written permission of the Director of Industries;then notwithstanding any thing contained in these rules, the Director of Industries shall be entitled to initiate recovery proceedings under Section 35 of the Act for the recovery of the amount of loan together with interest outstanding on the occurrence of the above events.
