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TMI BlogMinutes 72nd meeting of the of the Board of Approval for SEZs held on 12th August 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 ..... tions, extended the validity of the formal approval up to 18th September, 2017. (i) Request of Kerala State Information Technology Infrastructure Limited for further extension of the validity period of formal approval, granted for setting up of sector specific SEZ for IT/ITES at Eramam Village, Kannur District, Kerala, beyond 18th September 2016 The Board, after deliberations, extended the validity of the formal approval up to 18th September, 2017. Item No. 72.2 : Requests for extension of LoP beyond 3rd Year onwards (i) Request of M/s. JBF Petrochemicals Limited, a unit in Mangalore (Multi Product) SEZ at Mangalore, Bangalore for extension of LoP beyond 15th September, 2016 The Board, after deliberations, extended the validity of the LoP up to 15th September, 2017. (ii) Request of M/s. Sameer Industries, a unit in KASEZ for extension of Letter of Permission (LoP) The Board, after deliberations, extended the validity of the LoP for the remaining period of 5 year block i.e. till 02.04.2019 subject to the conditions recommended by DC KASEZ. (iii) Request of M/s. Kitchen Xpress Overseas Limited, a unit in KASEZ for renewal of LoP The Board, after deliberations, extended the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oposal due to lack of recommendation from the State Government. (ii) Request of M/s. Devbhumi Realtors Private Limited for setting up of a sector specific SEZ for IT/ITES at (Sy. No. 83/1, Raidurg Panmakhtha Village, Serilingampally Mandal, Ranga Reddy District, Telangana. The Board approved the proposal for formal approval for setting up of a sector specific Special Economic Zone for IT/ITES at (Sy. No. 83/1, Raidurg Panmakhtha Village, Serilingampally Mandal, Ranga Reddy District, Telangana, over an area of 2.02 hectares. (iii) Request of M/s. Phoenix Living Spaces Private Limited for setting up of a sector specific SEZ for IT/ITES at Ameenpur Village, Patancheru Mandal, Medak District, Telangana, over an area of 5.67 hectares. The Board approved the proposal for formal approval for setting up of a sector specific Special Economic Zone for IT/ITES at Ameenpur Village, Patancheru Mandal, Medak District, Telangana, over an area of 5.67 hectares. (iv) Request of M/s. Phoenix Embassy Tech Zone Private Limited for setting up of a sector specific SEZ for IT/ITES at Nanakramguda Village, Serilingampally Mandal, Ranga Reddy District, Telangana, over an area of 6.07 hectares. The B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es Private to M/s. Sirius Computer Solutions India Private Limited 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 unit 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 comply with relevant State Government laws, including those ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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. (v) Request of M/s. Milak Warehouse, KASEZ for import of Beans/Pulses/Lentils from Overseas countries for re-export After deliberations, the Board rejected the proposal. (vi) Request of M/s. Epsilon Pharmaceuticals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... specific SEZ for IT/ATES at Mahadevapura, Bangalore, Karnataka for approval of authorized operation in the non-processing area of the SEZ After deliberations, the Board deferred the proposal for consultation with the State Government. (ix) Request of M/s. Texool Spinners, a unit in KASEZ (permission of inclusion of manufacture of Sacks & Bags from Old & used clothing) (item no. 97.2.4) against the order dated 06.06.2016 passed by UAC, KASEZ. After deliberations, the Board rejected the proposal. Item No. 72.6 : 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 proposal was placed before the 72nd BoA meeting held on 12th August, 2016, However, the Board deferred the appeal since the matter requires inter ministerial consultation with regard to power guidelines. (ii) Appeal of 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 proposal was placed before the 72nd BoA meeting held on 12th August, 2016. However, the Board deferred the appeal since the matter requi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... name from M/s. Clarice Technologies India Pvt. Ltd. to M/s. Globant India Pvt. Ltd. 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 unit 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 comply with relevant State Government law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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. (iv) Request for change-in-sector specific nature of the SEZ from "Apparel" to "Textiles & Articles of Textiles" submitted by Chairman & Managing Director, Gujarat Industrial Development Corporation, (GIDC) Gandhinagar After deliberations, the Board approved the request for change-in-sector specific nature of the SEZ from Apparel to Textiles & Articles of Textiles. Item No. 72.10 : Cancellation of Formal Approvals The Board examined the following 4 cases of cancellation of formal approval /notification and approved cancellation of their formal approvals:- Sr. No. Name of the Developer/co-developer Sector Date of formal approval Zone 1. M/s. Muttha Realty ..... X X X X Extracts X X X X X X X X Extracts X X X X
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