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TMI BlogMinutes of the 79th meeting of the. Board of Approval for SEZ held on 18 September 2017 to consider setting up of Special Economic Zones and other miscellaneous proposalsX X X X Extracts X X X X X X X X Extracts X X X X ..... n will be considered. Item No. 79.2 Requests for extension of LOA beyond 3rd Year onward (2 proposals) (i) Request of M/S. CHL Ltd. in the Noida SEZ for extension of Letter of Permission (LOP) beyond 28/04/2017 upto 28/04/2018. The Board, after deliberations, rejected the proposal as the track record and details of proposal did not reflect financial credibility. (ii) Request of M/S. JBF Petrochemicals Limited, a unit in Mangalore (Multi Product) SEZ at Mangalore, Bangalore for extension of LOP beyond 15th September, 2017. The Board, after deliberations, approved extension of the validity of the LOP up to 15th September, 2018. Item No. 79.3 Requests for co-developer (4 proposals) (i) Request of M/S. Muthoot Infopark Private Limited, Kochi for Co-developer status in the Infopark SEZ (Phase Il) for construction of IT/ITES Building, Business Incubation Centers, IT Business Centers, Food Court, Parking facility, ATMs, Conference Hall and other Infrastructure/facilities over an area of 9.37 acres in above IT/ITES SEZ. The Board, after deliberations, approved the proposal of M/S. Muthoot Infopark Pvt. Ltd. for construction of IT/ITES Building, Busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itions as per SEZ Act and Rules provided that the lease period does not exceed 30 years (Renewable). Item No. 79.4 : Change of Shareholding Pattern Cases (2 proposals) Addl DGEP, Dept. of Revenue observed that in cases of Change in Shareholding pattern, it was decided in the 74th BoA meeting held on 07.01.2017 that suitable provisions will be brought in SEZ Rules to allow such changes. However, so far the same was not completed and the proposals are being considered. On the issue, it was decided that amendment to SEZ Rules will be pursued vigorously and no such proposal would be considered by the BoA after this meeting till the amended Rules are notified. Thereafter the following proposals were considered. (i) Request of M/S. Diamond Nation, Plot No.106, 107, 148, 149 Unit No.406 on Plot 248 a unit in Surat SEZ, for transfer of shares exceeding 50% to another entity. The Board, after deliberations, approved the proposal for transfer of shares exceeding 50% to another entity subject to following conditions:- i) Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered unit entity; ii) Fulfilment of all eligi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 unit shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT. viii) Meanwhile, the proposal for amendment in SEZ Rules may also be taken up by the SEZ division to bring clarity on such transactions. Item No. 79.5 : Miscellaneous Cases (7 proposals) (i) Request of M/S. Zafin Infra Private Limited, co-developer in the sector specific SEZ for IT[ITES being developed by M/S. Electronics Technology Parks SEZ Ill-Kerala at Attipra Village, Thiruvananthapuram for cancellation of co-developer status. The Board, after deliberations, approved the proposal of M/S. Zafin Infra Private Limited for cancellation of co-developer status subject to the co-developer furnishing the certificate from Specified Officer that co-developer has not availed financial benefits. (ii) Proposal of M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts; 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 comply with relevant State Government laws, including those relating to lease of land, as applicable. vii) The co-developer shall furnish details of PAN and jurisdictional assessing officer of the co-developer to CBDT. viii) Meanwhile, the proposal for amendment in SEZ Rules may also be taken up by the SEZ division to bring clarity on such transactions. (iv) Proposal of M/S. ASF Insignia SEZ Pvt. Ltd., Developer of IT/ITES SEZ at Vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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 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 assessing officer ofthedeveloper to CBDT. viii) Meanwhile, the proposal for amendment in SEZ Rules may also be taken up by the SEZ division to bring clarity on such transactions. (vi) (a) Request of M/S. Platinum Holdings Pvt. Ltd. (Chennai) Developer of Sector Specific SEZ for IT/ITES at Abu Garden, OMR Road, Navalur, Chennai, Thiruvallur District, Tamil Nadu for Revocation of cancellation of formal approval. (b) Request of M/S. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f three months beyond 18.9.2017. Item no. 79.6 Appeals before BOA (3 Appeals). (i) Appeal of M/S. Sampan Tradex Pvt. Ltd. requesting for setting up of new unit in NSEZ against order dated 18.07.2017 passed by UAC, NSEZ. The Appellant appeared before the Board on 18.9.2017 and stated that he was a trader and was getting his goods manufactured by giving work to job workers and then making exports. He informed that this work starts late in the day and continues till late in the night. He also stated that the team from Noida SEZ had visited his premises at around 10.30 in the morning when the work had not commenced and therefore, no workers were present when the team from NSEZ had visited the site. The explanation offered by the Appellant was not found acceptable in view of the site inspection carried out by the Officers of NSEZ. The Board, therefore, rejected the Appeal. (ii) Appeal of M/S. Shri Lal Mahal Ltd. (SLML), a unit in NSEZ against order dated 23.05.2017 passed by UAC, NSEZ. The Board noted that the Approval Committee had cancelled the LOA of the unit under Section 16(1) of the SEZ Act. It was also noted that the Approval Committee had afforded a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso submitted that 24 containers are lying in port and the suspension of the LOA has lead to demurrage and detention charges of about ₹ 2.5 lakhs per day. The Board however noted the detailed reasons given in the order in original dated 12.07.2017 passed by DC, ISEZ and did not accept the position of the appellant that there were no persistent violations, Therefore, the Board decided to reject the appeal. Decision on Table Agenda Item No. 79.7: Requests for extension of validity of formal approvals (4 proposals) (i) Request of M/S. Electronics Corporation of Tamil Nadu Limited for further extension of the validity period of Letter of Approval, granted for setting up of IT/ITES SEZ at Vadapalanji, Madurai, beyond 07/05/2017 The Board, after deliberations, extended the validity of the formal approval up to 7th May, 2018. (ii) Request of M/S. Electronics Corporation of Tamil Nadu Limited for further extension of the validity period of Letter of Approval, granted for setting up of IT/ITES SEZ at Gangaikondan, Tirunelveli, beyond 07/05/2017 The Board, after deliberations, extended the validity of the formal approval up to 7th May, 2018. (i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... search Assistant TCPO, Ministry of Housing Urban Affairs. 8. Shri Hemant Kumar, Assistant Legal Adviser, Department of Legal Affairs. 9. Shri A.K. Tamaria, Dy. Director, O/o DC (MSME), Nirman Bhawan, New Delhi 10. Shri S. Sasikumar, Dy. Director, DIPP. 11. Ms. Suman Chandra, IAS, Assistant Resident Commissioner, Govt. of Maharashtra, Maha Sadan. 12. Shri Mukesh Goyal, Associate Architect, Noida Authority, Govt. of U.P. LIST OF DEVELOPMENT COMMISSIONERS 13. Dr. L.B. Singhal, Development Commissioner, Noida SEZ 14. Shri Baldev Singh, Development Commissioner, SEEPZ-SEZ 15. Dr. Safeena AN, Development Commissioner, CSEZ 16. Shri M.K.S. Sundram, Development Commissioner, MEPZ-SEZ 17. Shri Upendra Vashisht, Development Commissioner, KASEZ 18. Ms. Sobhana K.S. Rao, Development Commissioner, VSEZ 19. Shri J.M. Gupta, Development Commissioner, FSEZ/ISEZ 20. Shri R.P. Goyal Development Commissioner, AP SEZ /Mundra 21. S.K. Sharma, Development Commissioner, Mihan SEZ Nagpur 22. Shri K.L. Sharma, Development Commissioner, Surat SEZ 23. Shri A.K. Singh, Development Commissioner, Mangalore SEZ LIST O ..... 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