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TMI BlogMinutes of the 71st of the Board of Approval for SEZs held on 22nd June 2016 to consider proposals for setting up Special Economic Zones and other miscellaneous proposalsX X X X Extracts X X X X X X X X Extracts X X X X ..... 17. (ii) Request of M/s. Gulf Oil Corporation Limited for further extension of the validity period of formal approval, granted for setting up of sector specific SEZ for IT/ITES/BPO/Electronic Hardware at Kattigenahalli and Venkatala villages, Yelahanka Hobli, Bangalore, Karnataka, beyond 17th June, 2016 The Board, after deliberations, extended the validity of the formal approval up to 17th June, 2017. (iii) Request of M/s. Calica Construction and Impex Pvt. Ltd. for further extension of the validity period of formal approval, granted for setting up of sector specific SEZ for ITATES at Village Ognaj, Taluka Dascroi, District Ahmedabad, Gujarat, beyond 6th May, 2016 The Board, after deliberations, extended the validity of the formal approval up to 6th May, 2017. The Board also directed DC, KASEZ to obtain the details of expenditure and developmental plans from the Developer within two months. Item No. 71.2 : Requests for extension of validity of in-principle approval (i) Proposal of M/s. Venkatesh Coke & Power Ltd. for extension of the validity of in-principle approval for setting up of a FTWZ at Athipattu, Nandiambakkam and Puludivakkam villages, Ponneri Taluk, Thiruvallur Dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eloper in the sector specific SEZ for electronic Hardware and Software including IT/ITES at Nanakramguda village, Serilingampally Mandal, Ranga Reddy District, Telangana, being developed by M/S. Mantri Developers Pvt. Ltd. After deliberations, the Board approved the proposal of M/S. Mantri Cosmos Il Owners Welfare Association to invest, upgrade the bare shell to warm shell, operate and maintenance of their share of space i.e. (i) create infrastructural facilities such as interior fit outs & services, electrification, firefighting providing 24x7 uninterrupted power supply at stable frequency, 100% power back up reliable dated connectivity, central air conditioning system (HVAC), required by the IT/ITES companies to operation in the SEZ (ii) Invest amounts required for creating such infrastructural facilities (iii) and to manage, maintain, operate and upkeep the infrastructure facilities of Mantri Cosmos Tower Il after leasing in accordance with the co-developer agreement entered into with the developer, subject to standard terms and conditions as per SEZ Act and Rules . (ii) Request of M/s. Embassy Property Development Private Limited for codeveloper in the sector specific SEZ for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ectors and shareholding of the company. After deliberations, the Board approved the request for change of Directors and shareholding of the company subject to following conditions:- (i) Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered unit entity; (ii) Fulfillment of all eligibility criteria applicable to unit, including security clearances etc., by the altered developer entity and its constituents; (iii) Applicability of and compliance with all Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital gains, equity change, transfer, taxability etc. (iv) Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT, Department of Revenue and to the jurisdictional Authority. (v) The Assessing Officer shall have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. (vi) The applicant shall comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... & maintenance of infrastructure existing in the "identified SEZ area" and/or further development/redevelopment of the identified SEZ area and it's operation & maintenance pursuant to sanction of further authorized operation), in accordance with the co-developer agreement entered into with the developer, subject to standard terms and conditions as per SEZ Act and Rules provided that the lease period is reduced to a period not exceeding 30 years (Renewable). Item No. 71.6 : Appeals before BOA (i) Appeal of M/s. Moser Baer India Limited (SEZ Power Plant Unit), a unit in NSEZ against order dated 20.08.2015 passed by UAC, NSEZ. The Board noted that the matter required detailed consultation with the DGEP and therefore decided to defer the matter. (ii) Appeal of M/s. Allianz Managed Operations & Services SEZ in SEEPZ-SEZ against order dated 12.02.2016 conveyed vide letter dated 26.02.2016. The Board, after deliberations, decided to uphold the appeal and cancelled the SEEPZ-SEZ letter dated 26.02.2016. Decision on Supplementary Agenda Item No. 71.7: Requests for extension of validity of formal approvals (i) Request of Electronics Corporation of Tamil Nadu (ELCOT) for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... strial Area, Shendre, MIDC, Aurangabad for extension of Letter of Permission (LOP) beyond 17th April, 2016 . The Board, after deliberations, extended the validity of the LoP up to 1 April, 2017. (iv) Request of M/s. Tech Mahindra Pvt. Ltd., an IT/ITES unit in MIHAN-SEZ, Nagpur, a Multiproduct Special Economic Zone developed by Maharashtra Airport Development Company Limited for extension of Letter of Permission (LOP) beyond 27.07.2016. The Board, after deliberations, extended the validity of the LoP up to 27th July, 2017. (v) Request of M/s. KPIT Technologies Ltd., an ITATES Unit at Plot No. 17, MIDCSEZ, Rajeev Gandhi Infotech Park, Hinjewadi, Phase -Ill, Pune for extension of Letter of Permission (LOP) beyond 28.06.2016. The Board, after deliberations, extended the validity of the LoP up to 20 June, 2017. Item No. 71.9 : Requests for co-developer (i) Request of M/s. Prestige Estates Projects Limited for co-developer in the sector specific SEZ for IT/ITES at Block 9, Kakkanad village, Kanayanoor Taluk, Ernakulam District, Kerala, being developed by M/S. Smart City (Kochi) Infrastructure Private Limited The Board noted that the State Government has given a lease of 99 year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hamroj, Tehsil Sohna, Gurgaon-Sohna Road, Gurgaon, Haryana, for change of shareholding pattern of the company After deliberations, the Board approved the request for change in shareholding pattern, subject to following conditions:- (i) Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered developer entity; (ii) Fulfillment of all eligibility criteria applicable to developers, including security clearances etc., by the altered developer entity and its constituents; (iii) Applicability of and compliance with all Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital gains, equity change, transfer, taxability etc. (iv) Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT, Department of Revenue and to the jurisdictional Authority. (v) The Assessing Officer shall have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany to M/S. Tata Realty & Infrastructure Ltd. (TRIL) and Ws. Standard Chartered Real Estate Investment (Singapore) VIl Private Ltd., subject to following conditions:- (i) Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered developer entity; (ii) Fulfillment of all eligibility criteria applicable to developers, including security clearances etc., by the altered developer entity and its constituents; (iii) Applicability of and compliance with all Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital gains, equity change, transfer, taxability etc. (iv) Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT, Department of Revenue and to the jurisdictional Authority. (v) The Assessing Officer shall have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibilityTor deduction under relevant sections of the Income Tax Act, 1961. (vi) The applicant shall comply w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... :- (i) Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered developer entity; (ii) Fulfillment of all eligibility criteria applicable to developers, including security clearances etc., by the altered developer entity and its constituents; (iii) Applicability of and compliance with all Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital gains, equity change, transfer, taxability etc. (iv) Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT, Depaftment of Revenue and to the jurisdictional Authority. (v) The Assessing Officer shall have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. (vi) The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. (vii) The developer shall furnish details of PAN and jurisdictional a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loper to CBDT. Item No. 71.12 : Appeals before BOA (i) Appeal of M/s. Gupta Infotech, a unit in FSEZ against order dated 14.05.2003 passed by UAC, FSEZ. The Appellant did not appear before the BOA. The DC FSEZ informed that the Rs. out of ₹ 25,49,895/- had been deposited with the FSEZ and remaining amount would be deposited by the unit within 3 months. The BOA allowed Ws. Gupta Infotech to deposit the balance amount within 3 month. (ii) Appealof M/s. Vikas Telecom Private Limited (VTPL), developer Vikas Telecom SEZ at Embassy Tech Village, Bangalore against order dated 30.05.2016 passed by UAC, CSEZ. The Board noted that the matter required detailed consultation with the DGEP and therefore decided to defer the matter. (iii) Appeal of M/s. Manyata Promoters Private Limited (MPPL) developer of Manyata Embassy Business Park SEZ at Nagavara, Bangalore against order dated 30.05.2016 passed by UAC, CSEZ. The Board noted that the matter required detailed consultation with the DGEP and therefore decided to defer the matter. Decision on Supplementary Agenda II Item No. 71.13. : Requests for co-developer (i) Request of M/s. Intelligent Community Management Private Limited for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide their letter dated 17.06.2016. Accordingly, the Board decided to grant formal approval to the proposal of M/S. Bagmane Developers Private Limited, for setting up of a sector specific Special Economic Zone for IT/ITES at Outer Ring Road, Doddanekundi Circle, Marathalli Post, Bengaluru, Karnataka, over an area of 1.34 hectares. Annexure - I List of Participants for the Meeting of the Board of Approval for Special Economic Zones held on 22nd June, 2016 under the Chairpersonship of Commerce Secretary, Department of Commerce 1. Ms. Rita Teaotia, Chairpersonship, BOA & Commerce Secretary, Department of Commerce 2. Shri Ajay Kumar Bhalla, Additional Secretary, Department of Commerce 3. Dr. John Joseph, DGEP, Department of Revenue, Ministry of Finance 4. Dr. Tejpal Singh, Additional Director General, DGEP 5. Smt. Deepshikha Sharma, Director, CBDT, Department of Revenue, Ministry of Finance 6. Shri Sunil Srivastava, DGEP 7. Shri Darshan Singh, Additional DGFT, DGFT 8. Shri A.K. Mishra, Research Assistant TCPO, Ministry of Urban Development, Vikas Bhawan, I.P. Estate, New Delhi 9. Dr. Rajesh, AR, TCPO, Ministry of Urban Development, Vikas Bhawan, I.P. Estate, New Delhi 10. Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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