- (1.) HEARD learned counsel for the parties.
(2.) THE petitioner has prayed for directing upon the respondent authorities of State of Jharkhand especially Industries Department to pass necessary orders on the application of the petitioner for grant of interest subsidy to the petitioner's unit under the Industrial Policy for Mega Units. As per the learned counsel appearing on behalf of the petitioner, the petitioner has entered into a MOU with the' respondent -State of Jharkhand dated 26.2.2004, which is contained at Annexure -3 under which it is agreed that the petitioner will invest Rs. 450 crores for establishment of Sponge Iron and Steel Plant. It is submitted that in terms of the provisions of 29.11 of the Industrial Policy of the State of Jharkhand, 2001. Mega Units are entitled to seek incentives if the investment is more than Rs. 501 - Crores depending upon case to case basis through direct negotiation with prospective investors. Learned counsel for the petitioner has relied upon the Industrial Policy of the respondent -State of Jharkhand constrained at. Annexure -2, which is applicable to the Mega Units specially Clause 2 thereafter and submits that the petitioner is entitled to interest subsidy from the department of industries on account of taking steps for establishment for Mega Units in Jharkhand. It is submitted that the petitioner has made an application for grant of such interest subsidy and the respondents have made certain queries on the same, which may not be applicable to the petitioners case. Learned counsel for the petitioner submits that in these circumstances the respondents may take a proper decision upon the request of the petitioner in accordance with law within stipulated time.
(3.) LEARNED counsel for the respondents State, on the other hand, submits that if the petitioner unit furnishes all the necessary documents and if it is found to be Mega unit as per the provisions of the industrial policy of the State of Jharkhand, the State Authorities shall consider and appropriate decision in respect of the same shall be taken.;