The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORITY
No. 146] NEW DELHI, MONDAY, MAY 14, 1979 VAISAKHA 24, 1901 Separate paging in given to tills Part in order that it may be filed as a separate compilation
710 THE GAZETTE OF INDIA : EXTRAORDINARY [PART 11—SEC. 3 (i)] (2A) While writing off losses tinder sub-rule (2), ih ^ffoaid shall have regard to the following namely ;— (i) the loss does not disclose a defect in the rn'cs;MINISTRY OF PETROLKHM. CHEMICALS AND
FERTIIJZKRS
(Department of Petroleum)
New Delhi, me 14th May, 1979
CJS.R. 31HE).—In exercise of the powers conferred by section 31 of the Oil Industiy I Development) Act, 1974 (47 of 1974), the Central Government hereby makes the follow- ing rules lo ;imend rhe Oil Industry (Development) Rules, 1975, namely :—
1, These rules may be called the Oil Industry (Deve-
lopment) Amendmont Rules, 1979.
2. In the Oil Industry (Development) Rules, 1975 in the Title 24, for sub-rule (2), the following sub-rules shall lie substituted, namely :—
"(2) The Board may write off lowwip upto Rs. 20 lakhs in each case. Write off of losses beyond this amount shall be done with the prior approval of the Central Government.
with the stipulations specified by the Board;
liii) Ihere has not been any serious negligence on the part of an oil industrial concern to which the Board had granted loan and hi realisation requires some legal or administrative action;
(iv) the 'oss Is not attributable to any .tcnou*, [apse on the part of any employee of the Board ^nd in cases where the loss is attributable to any serious lapse on the pnrt of such employee, it is no( realisable from such cmployee/funclionery;
(v) if the loss of any property acquired by an oil in- dustrial concern with the assistance of the Board is due to fire, flood, earth-quake or any other natural cause, it has been ensured that the facts were promptly reported, and proved, to the entire satisfaction of tlje. Board that the circumstances aforesaid were beyond ihe control of the said oil industrial concern;
(vi) if the loss is due to any expenditure on ,tl or any of the measures specified in section 6, j detailed investigation has been carried out by the Board to ascertain the causes thereof and to ensure rhat the loss is not due to lack of proper technical survey m assessing the technical soundness and viability of the measure or any other lapse on the part of the oil industrial concern executing such measure,"
[File No. 7/4/^S-PF'D] S. L. KHOSLA, Jt. Secy. Financial A-hiser