Notwithstanding anything contained elsewhere in this Act, the Board may grant investment permission through direct negotiation in any investment area in the following cases:-

(a) Even if proposals are invited at least twice. requisite number of proposals not selected,

(b) unlikely to be competitive,

(c) involving new concept or technology,

(d) The estimated cost is more than twenty billion rupees, or

(e) For some reason, it is not considered appropriate to adopt other procedures according to this Act.