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TMI BlogMinutes of the 94th meeting of the. Board of Approval for SEZ held on 3rd January, 2020 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 ..... ampur, Balola Bandhwari, Distt. Gurgaon (Haryana) beyond 25.01.2020. The representative of the Government of Haryana submitted before the Board that they are seeking inputs from the Department of Town and Country Planning, Haryana on the complaint received against the developer. Accordingly, the Board, after deliberations, decided to defer the proposal. 94.2(ii) Request of M/s. Nagaland Industrial Development Corporation Ltd. SEZ for further extension of the validity period of the Formal Approval granted for setting up a sector specific SEZ for Agro and Food Processing for a further period of 3 years beyond 11.10.2018 to 10.10.2021. The Board, after deliberations, approved extension of the validity of the formal approval up to 2nd December, 2020. 94.3 Request for extension of LoP beyond 3rd year onwards 94.3 (i) Request of M/s Lupin Ltd. Plot No. 6B, a unit in MIHAN SEZ for extension of LoP beyond 26.12.2019 upto 25.12.2020. The Board, after deliberations, approved extension of the validity of the LoP up to 25th December, 2020. 94.4 Proposal for change of shareholding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... igations 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 relevant rules of Revenue/Company Affairs/SEBI etc., 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 jurisdictiona ..... 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 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 relevant rules of Revenue/Company Affairs/SEBI etc., 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . to M/s. Sanofi Healthcare India Pvt. Ltd. with the following conditions:- i. Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered developer entity; ii. Fulfilment 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 relevant rules of Revenue/Company Affairs/SEBI etc., 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 relevan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 relevant rules of Revenue/Company Affairs/SEBI etc., 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 furnis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39; to the proposed change in shareholding pattern subject to the regulatory compliances being met by the developer with the following conditions:- i. Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered developer entity; ii. Fulfilment 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 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, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ific SEZ for IT/ITES at Plot No. 5, MIDC Knowledge Park Airoli, Navi Mumbai and Maharashtra for change in Shareholding Pattern of the company. The Board noted that since the process of transfer of shares and listing are under process, exact stake of KRC, post-listing, cannot be determined as of now and further M/s Mindspace Business Parks REIT is pending registration with SEBI. The Board, after deliberations, decided to grant an 'in-principle approval' to the proposed change in shareholding pattern subject to the regulatory compliances being met by the developer with the following conditions:- i. Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered developer entity; ii. Fulfilment 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 Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital gains, equity change, transfer, taxability etc. iv. Full financial details relating to ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orages Tanks for the DG Systems. viii. Access Control, Security and Monitoring Systems. ix. Other IT Infrastructure facilities as permitted and agreed between parties from time to time. 94. 5(ii) Request of M/s. MSZ Logistics Private Ltd. for co-developer status in M/s. New Chennai Township a multi service SEZ at Seekinakuppam Village, CheyyurTaluk, Kancheepuram District to develop a part of the SEZ as FTWZ by acquiring 30 acres in the already notified area of the SEZ. The Board, after deliberations, approved the proposal of M/s. MSZ Logistics Private Ltd. to develop a part of the SEZ as FTWZ by acquiring 30 acres (12.14 Ha) in the already notified area of the SEZ in accordance with the MOU dated 22.10.2019 as amended on 03.12.2019 entered into with the developer subject to standard terms and conditions as per SEZ Act and Rules provided that the lease period shall be in accordance with DoC's Instruction No. 98 dated 29.08.2019. 94.6 Miscellaneous cases 94. 6(i) Judgment dated 02.05.2019 of the Hon'ble High Court of Gujarat in Special Civil Application No. 4765 of 2016 filed by M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sts for extension of validity of formal approval Item No. 94.8(i) Request of M/s. Electronics Corporation of Tamil Nadu Ltd. (ELCOT Ltd.) for further extension of the validity period of formal approval, granted for setting up of sector specific IT/ITES SEZ at Vadapalanji, Madurai for a further period of one year beyond 07.05.2019 up to 07.05.2020. The Board, after deliberations, approved extension of the validity of the formal approval up to 7th May, 2020. Item No. 94.8 (ii) Request of M/s. Electronics Corporation of Tamil Nadu Ltd. (ELCOT Ltd.) for further extension of the validity period of formal approval, granted for setting up of sector specific IT/ITES SEZ at Viswanathapuram, Hosur, Tamil Nadu for a further period beyond 7.5.2019. The Board, after deliberations, approved extension of the validity of the formal approval up to 7fr May, 2020. Item No. 94.9 Request for Co-developer 94.9(i) Request of M/s. Embassy Commercial Projects (Whitefield) Private Limited (ECPPZ) for co-developer status to develop, operate and maintain land parcels 3A, 3B, 4A and 4B over an area of 8 hectares i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dictional 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 of the developer to CBDT. 94.10(iii) Request of M/s GV Techparks Private Limited, Developer for change of shareholding pattern and change of control. The Board, after deliberations, approved the proposal subject to approval by relevant statutory bodies with the following conditions:- i. Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered developer entity; ii. Fulfilment of all eligibility criteria applicable to developer, including security clearances etc., by the altered developer entity and its constituen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riod shall be in accordance with DoC's Instruction No. 98 dated 29.08.2019. **** ANNEXURE - 1 List of Participants for the Meeting of the Board of Approval for Special Economic Zones held on 3rdJanuary, 2020 under the Chairmanship of Commerce Secretary, Department of Commerce. 1. Shri Anup Wadhawan, Chairman, BoA Commerce Secretary, Department of Commerce 2. Shri Amit Yadav, DG, DGFT 3. Shri R.P. Goyal, Additional, DGFT 4. Shri Bidyut Behari Swain, Additional Secretary, Department of Commerce 5. Shri Senthil Nathan S, Deputy Secretary, Department of Commerce. 6. Shri Gulzar Ahmad wani, DCIT (OSD), ITA-I, CBDT 7. Shri Nirmal Kumar, A.D, DGEP, 8. Shri Sanjay Bansal, ADG, DGEP, CBIC 9. Shri Saket Kumar, -IAS, Director Industries Commerce, Govt. of Haryana 10. Bhawan, I.P. Estate, New Delhi 11. Shri Prapul Umare, Assistant Director, M/o MSME 12. Shri G. Panmei, Deputy Legislative Council 13. Shri M.K. Sardana, Coordinator, BIPP, New De ..... X X X X Extracts X X X X X X X X Extracts X X X X
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