TaxTMI 
TaxTMI 
Minutes of the 77th meeting of the. Board of Approval for SEZ held on 12th May 2017 to consider setting up of Special Economic Zones and other miscellaneous proposals
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....isfying that the developer has taken sufficient steps towards operationalisation of the project and further extension is based on justifiable reasons. Board also observed that extensions may not be granted as a matter of routine unless some progress has been made on ground by the developers. The Board, therefore, after deliberations, extended the validity of the formal approval to the requests for extensions beyond fifth years for a period of one year .and those beyond sixth year for a period of 6 months from the date of expiry of last extension" (I) Request of M/s. Electronics Technology Parks-Kerala for further extension of the validity period of formal approval, granted for setting. up of sector specific SEZ for IT/ITES at Pallipuram and Veiloor Village, Trivandrum, Kerala, beyond 15th May, 2017 The Board, after deliberations,, extended the validity of the formal approval up to 15th May, 2018 and no further extension would be granted. (ii) Request of M/s. Electronics 'Technology Parks-Kerala for further extension of the validity period of formal approval, granted for setting up of sector specific SEZ for IT/ITES at Andoorkonam village, ....
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.... villages Mota Layaja, Godhara & Bayath Taluka Mandvi, District Kutch, Gujarat, beyond 12th May 2017 The Board, after deliberations, rejected the proposal. (ii) Proposal of M/s. Sealand Ports Private Limited for extension of the validity of in-principle approval for setting up of multi product SEZ at Villages Layaja,Ratadiya, Godhra, Bayath & Undoth, Taluka - Mandvi, District-Kutch, Gujarat, beyond 12th May, 2017 The Board, after deliberations, rejected the proposal. Item No. 77.3 Requests for extension of LoP beyond 3^"d Year onwards (3 proposals) (i) Request of M/s.. Wockhardt Ltd., unit 2 in the sector specific SEZ for Pharmaceuticals being developed by M/s. Wockhardt Infrastructure Development Limited at Shendre, Aurangabad, Maharashtra for extension of Letter of Permission (LOP) beyond 25^th February, 2017. The Board, after deliberations, extended the validity of the LoP up to 25th February, 2018. (ii) Request of M/s. BEML Limited, a unit in KIADB SEZ, Bangalore for extension of LoP beyond 5th January, 2017 The Board, after deliberations, extended the validity of the LoP up to 5th January, 2018. (iii) Requ....
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....rn, change of name etc. (i) Request of M/s. Global English India Private Ltd., a unit in ELCOT SEZ, Sholinganallur, Chennai 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 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....
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....for amendment in SEZ Rules may also be taken up by the SEZ division to bring clarity on such transactions. (iii) Request of M/s. Sparknova Private Limited., a unit in Electronics Technology Parks SEZ-III in Attipra Village, Thiruvananthapuram for transfer of 100% shares The Board, after deliberations, approved the proposal for transfer of 100% shares 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 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 taxa....
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....nd 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. (v) Request of M/s. UST Global Information Technology Parks Private Limited (USTGPL), a co-developer in the sector specific SEZ for IT/ITES at Attipra Village, Kuzhuvilla, Thiruvananthapuram being developed by Electronics Technology Parks-Kerala (Technopark- Phase-II)for transfer of 100% shares The Board, after deliberations, approved the proposal for transfer of 100% o shares subject to 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-develop rentity 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 equi....
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....icant 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 10 bring clarity on such transactions. (vii) Request of M/s. iGate Global Solutions Ltd. a unit in M/s. Seaview Developers Pvt.. Ltd. under the jurisdiction of NSEZ for change of name to M/s. Capgemini Technology Services India Limited and change in shareholding of the company. After deliberations, the Board approved the proposal for change of name from M/s. iGate Global Solutions Ltd. to M/s. Capgemini Technology Services India Limited and change in shareholding pattern 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) Fulfilment of all eligibility criteria applicable to unit, including security clearances etc., by the altered unit entity and its constituents; (iii) ....
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....sp; taxability etc. iv) Full financial details relating to change in equity/merger, demerger, malgamation 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 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. (ix) Request of M/s. Annik Technology Services Pvt. Ltd. (Unit-I) under the jurisdiction of NSEZ for change of name to M/s....
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....ment 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 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....
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.... area which is inclusive of 10.49 hectares leased to the co-developer i.e. M/s. Ashray Logistics (India) Pvt. Ltd. (ii) Request of M/s. Phoenix. IT City Pvt. Ltd. setting up of sector specific SEZ for IT/ITES at Sy. No. 53/Paiki/part, Gachibowli village, Serilingampally Mandal, Ranga Reddy District,.Telangana, for addition of area of 0.8 hectares. The Board, after deliberations, approved the request of M/s. Phoenix IT City Pvt. Ltd. for increase in area of 0.8 hectares, increasing the total area of the SEZ to 1.78 hectares, subject to contiguity of the land in the SEZ being maintained. (iii) Request of M/s. Zydus Infrastructure Pvt. Ltd. setting up of sector specific SEZ for Pharmaceutical products at Matoda, Sanand, Ahmedabad, for addition of area of 64.48.23 hectares. The Board, after deliberations, approved the request of M/s. Zydus Infrastructure Pvt. Ltd. for increase in, area of 64.48.23 hectares, increasing the total area of the SEZ to 114.770800 hectares, subject to contiguity of the land in the SEZ being maintained. (iv) Request of M/s. iGate Global Soluti....
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.... Arshiya Rail Siding and Infrastructure Ltd (ARSL) may approach the board for additional authorized operations, after sale / transfer of 100% shareholding to M/s. Ascendas Fund (India) Pte. Ltd., is implemented as per, decision of 75th BoA, or submit a complete proposal afresh by taking into consideration the decision of 75^th BoA. Item no. 77.7 Appeal before BoA (2 Appeals). (i) Appeal of M/s. Jagat Gems & Jewellery, a unit in NSEZ against order dated 23.03.2017 passed by UAC, NSEZ. After, deliberations, the Board rejected the appeal in view of the fact that no. activities carried out by the unit since 2010, and even after two extensions given by the the Approval Committee, no activity has been commenced (ii) Appeal of M/s. Fast Track CFS Private Ltd., a unit in APSEZL against order dated 07.04.2017 passed by UAC, APSEZL. After deliberations, the Board deferred the. appeal with an observation that a legal advice may be sought with regard to the provision relating to units providing warehousing services as per Rule 76 and units under FTWZ under Rule 18(5) of SEZ Rules, 2006. Annexure I List of Participants for the Meeting of the Bo....