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package of incentives and concessions under karnataka ...

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ANNEXURE-31Format for <strong>under</strong>taking to be executed for ETP/Anchor units Investment Subsidy(<strong>under</strong> Semiconductor Policy 2010)UNDERTAKINGThe <strong>under</strong>taking executed this day —————— 200 ———— by ———— carrying on the business<strong>of</strong> ————————— <strong>under</strong> the name <strong>and</strong> style <strong>of</strong> M/s.———————————— herein after called the‘Grantee’ <strong>of</strong> the one part in favor <strong>of</strong> the Governor <strong>of</strong> Karnataka, represented by the Director <strong>of</strong> IT & BT herein aftercalled the Government <strong>of</strong> other part WITNESSETH.Where as State Level Clearance Committee ———————— vide Order No. ————— dated: ————— has sanctioned an Investment Subsidy <strong>of</strong> Rs. —————— (Rs.———————————only) <strong>under</strong> theGovernment <strong>of</strong> Karnataka scheme <strong>of</strong> Package <strong>of</strong> Incentives <strong>and</strong> Concessions (Semiconductor Policy 2010)new Industrial investment made in the State <strong>of</strong> Karnataka to the grantee for the purpose <strong>of</strong> his enterprise.In consideration <strong>of</strong> the grant <strong>of</strong> Rs.———————(Rs. ——————— only) as per the Order No.———————— dated: ——————— <strong>of</strong> the Director, IT & BT the receipt where<strong>of</strong> the grantee herebyacknowledges, the grantee agree <strong>and</strong> covenants as follows:(i)(ii)(iii)(iv)(i)If the State Government/Financial Institution concerned is satisfied that the investment subsidy hasbeen obtained by misrepresentation <strong>of</strong> essential fact, furnishing false information after thereimbursement <strong>of</strong> full subsidy, the State Government/Financial Institution concerned shall have theright to claim refund <strong>of</strong> the grant/subsidy <strong>of</strong> Rs………….. (Rs……………. Only) paid to thegrantee together with such interest as the State Govt /Financial Institution concerned may charge.In the event <strong>of</strong> the subsidy being sanctioned, which at later date is found to be not actually due, thegrantee shall refund to Government such portion or the whole amount as determinedby the Director, IT & BT. On failure to do so, such amount shall be recovered by theGovernment as arrears <strong>of</strong> l<strong>and</strong> revenue.That this grant shall not be construed as a contract <strong>and</strong> shall be in the nature <strong>of</strong> Grant-in-Aid only<strong>and</strong> the provisions <strong>of</strong> the Indian Contract Act or that <strong>of</strong> Specific Relief Act or any other relativestatutory Acts/Provisions shall not apply in the instant case.That the grantee shall not exercise his right <strong>of</strong> claiming release/reimbursement <strong>of</strong> subsidyamount out-<strong>of</strong>-turn either directly or through his attorney <strong>and</strong> that the decision <strong>of</strong> theGovernment in the matter <strong>of</strong> periodic release based on the availability <strong>of</strong> funds shall be final <strong>and</strong>binding on the grantee.The Grantee shall <strong>under</strong>take to provide employment to local people in accordance with Dr.Sarojini Mahishi Report <strong>and</strong> maintain the same at least for a period <strong>of</strong> five years from the date<strong>of</strong> release <strong>of</strong> the subsidy amount. In case the unit fail to do shall bound to return theinvestment subsidy amount to the Government.SCHEDULE:99

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