package of incentives and concessions under karnataka ...

original agreement should be on Stamp paper of Rs.100/-. The agreement should be executed bythe proprietor in case of proprietary concern, by one or more directors duly authorized by the board ofdirectors of the company. The execution of the agreement should be under the common seal of thecompany, by all the partners incase of partnership concern. However, if any one of the partners holdsa general power of attorney, he may execute the agreement on behalf of the remaining partners andfurnish a certified true copy of the power of attorney. When the agreement is executed by a holder ofgeneral power of attorney a certificate signed by all the partners on behalf of the firm to the effect thatthe general power of attorney is in force and not revoked as on the date of execution ofthe agreement, should be furnished. The Erasures, if any, should be properly attested No blankshould be left in the agreement form.The above agreement should be executed in the presence of AMD, KBITS …………. .The sanction of this Investment Promotion Subsidy is subject to following conditions:1. In the event of the Investment Promotion Subsidy being sanctioned, while at a later datefound to be not actually due, the grantee shall refund to Government such portion orwhole amount as determined by the Directorate of IT & BT. In the event of the grantee failingof refund such amount, the same shall be recovered as arrears of land revenue.2. The Investment Promotion Subsidy sanctioned will be released @ 25% per annum only andwhich will be against the value payment of VAT, ESI, EPF, and power tariff or the loan dues if theenterprise is not covered by VAT, ESI, EPF and power tariff.3. The enterprise shall submit their claim every year i.e. on or before 30th April, indicating thevalue of VAT, ESI, EPF and power tariff or the loan dues paid in along with the certified copiesof the amount paid from the concerned agencies to the ED, KBITS for taking further action inthe matter. The enterprise shall utilize the sanctioned amount within a period of five yearsfrom the date of sanction of the subsidy amount.4. The AMD, KBITS shall also monitor the employment provided to local people in accordancewith Dr. Sarojini Mahishi Report for a period of five years. In case enterprise fail to comply theemployment to local people, shall be bound to return the subsidy amount to Government.4. The Investment Promotion Subsidy sanctioned herein is in the nature of “Grant –in-aid” andshall not be construed as a “contract” with Government of Karnataka. The grantee shall notexercise his right of privities of contract in the matter of release of subsidy by Government ofKarnataka, who shall release the subsidy amount as and when the grantee is eligible for the same,in such proportions and installments as the Government may regulate.AMD KBITS69