Guidelines regarding Change in Shareholding pattern, Name Change of SEZ Developers and SEZ Units

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....ld on 15.01.2009 had, taken a decision allowing for transfer of in-principle approval and formal approval issued to an SEZ developer to its subsidiary or SPV, change of name of developer without change in shareholding pattern, demergers in terms of court decisions, where part equity is held by State Govt. or its organisation by virtue of the State Government's requirements. The BoA had also decided that where at least 51% equity is held by the original developer, i.e., where the controlling interest of the original developer continue to be there. 2.   The Department of Legal Affairs had then opined that there is no specific provision in the SEZ Act, 2005 and there is a need to show that facility granted/ concession given wi....

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....uirer. The BOA decided that such cases resulting in change of ownership would be decided on merits by the Board of Approvals on a case to case basis." 4.   The matter has been examined in consultation with the Department of Legal Affairs who have opined that Sub-section 10 of the Section 10 of the SEZ Act, 2005 empowers the Board to issue such directions or formulate such schemes as it may consider necessary for operation of the SEZ is in order to promote exports or to protect the interest of units or in the public interest. 5.   Accordingly, the decisions of the BOA in its 31st and 69th are adopted as guidelines in the cases of Change of Shareholding pattern, name change of SEZ Developers and units etc. as under :....