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TMI BlogMinutes of the 87th meeting of the. Board of Approval for SEZ held on 9th January, 2019 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 ..... ations, approved extension of the validity of the formal approval up to 17th December, 2019 under Rule 6(2)(a) of SEZ Rules, 2006. 87.2(ii) Request of M/s. G.P. Realtors Pvt. Ltd. for further extension of the validity of formal approval granted for setting up of Electronic Hardware IT/ITES SEZ at Village Behrampur, Balola Bandhwari, Distt. Gurgaon (Haryana) beyond 25.01.2019. Additional DGEP observed that a litigation could be possibly pending in the court on allotment of land. The representative of Government of Haryana however intimated that the G.P Realtors SEZ was not involved in any such litigation. Accordingly, the Board after deliberations, approved the proposal for extension of validity of formal approval up to 25.01.2020. 87.2(iii) Request of M/s. Wipro Limited, IT/ITES SEZ at Resapuvanipalem, Visakhapatnam for extension of validity of Formal Approval for one year till 20.12.2019. The Board, after deliberations, approved extension of the validity of the formal approval up to 20th December, 2019. Item No. 87.3 Requests for extension of LoP beyond 3rd Year onward (four proposals) 87.3(i) Request of M/s. Reliance AIF Management Company Limited in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sess 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 of the developer to CBDT. 87.4 (ii) Request of M/s. DLF Assets Private Limited, co-developer in IT/ITES SEZ at DLF Home Developers Limited at Ramapuram, Chennai for change in shareholding pattern. The Board approved the proposal subject to the following conditions :- i. Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered co-developer entity; ii. Fulfilment of all eligibility criteria applicable to co-developer, including security clearances etc., by the altered co-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, taxabi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Allotment of completed infrastructure developed in non-processing area of SEZ by the Developer, M/s Gujarat Industrial Development Corporation (GIDC) Ahmedabad to Indian Institute of Packaging under the Department of Commerce for the establishment of a new centre. The Board, after deliberations, decided to approve the proposal subject to the following conditions: - i. The Developer i.e. M/s GIDC produce a certificate to the effect that the area proposed to be allotted to the IIP is put to only such use which is as per the regulations of the Gujarat State Government and the local body in terms of Rule 11A(l) (a) of SEZ Rules, 2006. ii. The tax benefits availed, if any, for creation of the infrastructure shall be refunded by M/s GIDC-the Developer in terms of Ru1e 11A(l) of SEZ Rules, 2006. iii. The Developer i.e. M/s GIDC produces a certificate to the effect that the area restrictions for duty paid dual use non-processing area as mentioned in Rule 11A(3)(c) of the SEZ Rules, 2006 have been followed. Decision on Supplementary Agenda Item No. 87.6: Requests for extension of validity of formal approvals (one proposal) 87.6(i) Request of M/s. Brooke fields Rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 of the developer to CBDT. 87.9(ii) Approval of demerger of M/s. HGP Community Pvt. Ltd. into M/s. Festus Properties Pvt. Ltd. and M/s. Melorinia Hospitality Pvt. Ltd. granted by Hon'ble National Company Law Tribunal, Mumbai Bench and change of implementing agency in respect of Formal Approval from M/s. HGP Community Pvt. Ltd. to M/s. Festus Properties Pvt. Ltd. The Board approved the proposal subject to the 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 developer, including security clearances etc., by the altered developer entity and its constituents; iii. Applicability of and compliance with all Revenu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o-developer to CBDT. 87. 9(iv) Request of M/s. DLF Assets Pvt. Ltd., Co-developer of IT/ITES SEZ of M/s. DLF Cyber City Developers Ltd. at Sector-24 25A, DLF Phase-III, Gurugram (Haryana) for change in shareholding pattern of the company. The Board approved the proposal subject to the following conditions :- i. Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered co-developer entity; ii. Fulfilment of all eligibility criteria applicable to co-developer, including security clearances etc., by the altered co-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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was not permissible. The Board also noted that there was no provision in the SEZ Act, 2005 for the Board to review its decision. 87.10(v) Proposal regarding amendment of policy Guidelines of Department of Commerce for Power Generation, Transmission and Distribution in SEZ dated 16.02.2016. Representatives of DoR informed that the DoR with the approval of Finance Secretary had furnished its comments vide its O.M. dated 13.08.2018 that as the matter was a policy decision, DoC may take an appropriate view in the matter. Except for that, DoR has no comments to offer. DoR pointed out that the earlier power guidelines had not been approved by BoA. The Board was informed that the Hon'ble Commerce and Industry Minister had directed that the matter may be deliberated in the Board of Approval. The Board, after deliberations, approved the proposal. 87.10(vi) Request for No Objection for setting up of Disaster Recovery (DR) and Business Continuity Plan (BCP) Centre in Infosys Limited SEZ, located at Kumblapadavu, Kurnad Post, Pajeeru Village, Bantwal Taluk 574153, Dakshina Kannada District, Karnataka reg. The Board, after deliberations, approved the proposal. Annexure ..... X X X X Extracts X X X X X X X X Extracts X X X X
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