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La Gazette de L' État de Poudouchéry
The Gazette of Puducherry
PART - II
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▪ 2017 } | 11 { No. 26 Poudouchéry Jeudi 11 Mai 2017
No. Puducherry Thursday 11th May 2017
(21 Vaisakha 1939)
GOVERNMENT OF PUDUCHERRY
DIRECTORATE OF INDUSTRIES AND COMMERCE
(SECRETARIAT WING)
(G.O. Ms. No. 3/Ind. & Com./A6/2017, Puducherry, dated 8th May 2017)
NOTIFICATION
Whereas, after the introduction of Industrial Policy 2013, the
anticipated growth in industrial sector was not achieved due to various
factors like global economic recession, the difference in taxations.
The need arose to review the Industrial Policy 2013 taking into account
the renewed emphasis laid by the Government of India on the manufacturing
[ 295 ] 296 LA GAZETTE DE L'ETAT [PART–II
sector in the economy, the announcement of the Hon'ble Chief Minister,
Puducherry in the Assembly on the need of new policy and to secure
additional employment opportunities to the youth.
Whereas, after due considerations the New Industrial Policy, 2016
was formulated and the Gazette notification was issued vide G.O. Ms.
No. 7/2016/lnd.A, dated 4th October 2016 which provided various
incentives/subsidies and accordingly, the following scheme is formulated
to implement the incentive/subsidy components conforming to the
New Industrial Policy 2016. The Government Order implementing the
following schemes supercedes the existing G.O. Ms. No. 2/2012- Ind.-A,
dated 7-5-2012, various incentives/subsidies provided to the industrial
units under the scheme "Motivation of Entrepreneurs to start Industries
and Fiscal Assistance to Industries-Financial Assistance for Rehabilitation
of sick industries".
1. Short title, extent and commencement.— (i) This Scheme shall
be called as "Motivation of Entrepreneurs and Financial Assistance for
Rehabilitation of Sick Industries".
(ii) This scheme shall be in operation in the whole of the Union
territory of Puducherry.
(iii) It shall come into force with effect from 1-4-2017.
2. Definitions.— The sickness is defined as follows at present and
shall be revised as per RBI guidelines from time to time.
(i) Continuous decline in gross output compared to the previous
two financial years.
(ii) Delay in repayment of loan, taken from institutional sources,
for more than 12 months.
(iii) Erosion in net worth due to the accumulated losses to the
extent of 50% of the net worth during the previous accounting year.
(iv) Gross output means, total value of sales of the product
manufactured by the unit.
(v) Net worth means, total asset value minus total liabilities.
297
PART–II] LA GAZETTE DE L'ETAT
3. Assistance to sick enterprises.— (i) Subsidy @ 50% on the cost
of diagnostic study by technical institutions initiated through Financial
Institutions/Banks/Government with a maximum of ` 50,000.
(ii) Experts in the field of technology, marketing and finance may
be engaged to advise sick unit. 50% of fees (maximum ` 50,000 per unit)
will be reimbursed on implementing suggestion given by such expert.
(iii) Interest subsidy @ 5% per annum limited to ` 3 lakhs per
year for 3 years on additional finance disbursed by Banks/Financial
Institutions for Rehabilitation.
4. Procedure.— 4.1 The assistance will be eligible for MSME
units those who have obtained UAM/EM(Part-ll)/Permanent
Registration.
4.2 Sick industrial enterprise satisfying the criteria of sick
enterprise will apply to Director of Industries for rehabilitation in the
prescribed form for taking and decision by the Committee.
4.3 The constitution of the Committee for Rehabilitation of sick
enterprises shall be as under:
(1) The Secretary to Government (Industries . . Chairman
and Commerce).
(2) The Lead District Manager . . Member
(3) The Managing Director, PIPDIC . . Member
(4) The Deputy Secretary/Under Secretary . . Member
(Finance).
(5) The Director of Industries and Commerce . . Member-
Puducherry.
Secretary
4.4 The Chairman may co-opt. the Branch Manager of the
Financing Banks and President/Secretary of Industrial Association or
any other persons relevant to the industry.
298 LA GAZETTE DE L'ETAT [PART–II
5. Conditions.— 5.1 Other firms taking over a sick unit for
rehabilitation will also be eligible for assistance as above.
5.2 The financial institution shall mean and include PIPDIC or any
other Government Corporation, Scheduled Banks including Co-operative
Banks.
5.3 The interest subsidy claim should be accompanied by a
Certificate issued by the Financial Institution/Bank. The interest subsidy
will be paid through the financial institution.
5.4 The decisions of the Committee shall be final in deciding the
assistance for rehabilitation for sick enterprises.
(By order)
G. MALAR KANNAN,
Additional Secretary to Government
(Industries and Commerce).
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