TMI BlogSuspension of letter of approval and transfer of Special Economic Zone in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... me the Board is of the opinion that a Developer - (a) is unable to discharge the functions or perform the duties imposed on him by or under the provisions of this Act or rules made thereunder; or (b) has persistently defaulted in complying with any direction given by the Board under this Act; or (c) has violated the terms and conditions of the letter of approval; or (d) whose financial positio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Developer referred to in sub-section (1) shall vest in the Administrator. (3) No letter of approval shall be suspended under sub-section (1) unless the Board has given to the Developer not less than three months notice, in writing, stating the grounds on which it proposes to suspend the letter of approval, and has considered any cause shown by the Developer within the period of that notice, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion (2) for a period not exceeding one year or up to the date on which his letter of approval for such Special Economic Zone is transferred, whichever is earlier, in accordance with the provisions contained in sub-sections (7) and (9), as the case may be. (7) Where the Board has given notice for suspension of letter of approval under sub-section (5), the Developer may, after prior approval of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... :- (a) the Board shall invite applications for transferring the letter of approval of the Developer, whose approval has been suspended and select the person or persons, in accordance with the procedure as may be prescribed, to whom the letter of approval of the Developer in the Special Economic Zone may be transferred; (b) upon selection of person or persons under subsection (a), the Board may, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which have accrued prior to that date; (d) the Board may make such interim arrangements in regard to the operation of the Special Economic Zone as may be considered appropriate; (e) the Administrator shall exercise such powers and discharge such functions as the Board may direct. (10) The Board may, in order to promote exports or to protect the interest of Units or in the public interest, issu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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