12. (1) A person desiring to set up an industry in a zone shall make an application to the Authority in the prescribed form for permission in that behalf. (2) The Authority or any person authorised by it in this behalf shall, on receipt of an application made under sub section (1), process it in accordance with the principle to be laid down by the ¹[Board] in this behalf and shall, if it is satisfied that the applicant fulfils the requirements for setting up an industry in the zone, grant him a permission in the prescribed form.