TaxTMI 
TaxTMI 
Minutes of the 88th meeting of the. Board of Approval for SEZ held on 25th February, 2019 to consider setting up of Special Economic Zones and other miscellaneous proposals
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....ay be included in the minutes of agenda item 87.10(v) of the meeting held on 9th January, 2019 and taken on record. Item No. 88.2: Requests for extension of validity of formal approvals (2 proposals) 88.2 (i) Request of M/s. Indus Gene Expressions Ltd-SEZ for further extension of the validity period of formal approval, granted for setting up of Bio-tech sector specific SEZ at Kodur and Settipali Villages, Chilamathur Mandal, Anantapur Distt, Andhra Pradesh beyond 13.02.2019. The Board, after deliberations, approved extension of the validity of the formal approval up to 13th February, 2020. 88.2 (ii) Request of M/s. SEZ Biotech Services Pvt. Ltd. for further extension of the validity period of formal approval, granted for setting up of Poonawala Bio Technology Park - SEZ at Manjri Budruk, Taluka Haveli, District - Pune beyond 27.03.2019. The Board, after deliberations, approved extension of the validity of the formal approval up to 26th March, 2020. Item No. 88.3 Requests for extension of LoP beyond 3rd Year onward (9 proposals) 88.3(i) Request of M/s. Camlin Fine Sciences Ltd in the Plot No Z/96/D, Dahej SEZ Ltd, Part II, Dahej, Village: Luvara, Tal: Vagra, Dist: Bharuch, Gu....
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....y period of their LoP. 88.3(viii) Request of Tata Power Company Ltd. a unit in KIADB Aerospace SEZ for extension in the validity period of Letter of Permission beyond 06.03.2019. The Board, after deliberations, approved extension of the validity of the LoP up to 6th March, 2020. 88.3(ix) Request of M/s. Biocon Pharma Ltd. in the Biocon SEZ for extension of Letter of Permission (LoP) beyond 22nd February, 2019 for one year upto 22nd February, 2020. The Board, after deliberations, approved extension of the validity of the LoP up to 22nd February, 2020. Item No. 88.4: Change of Shareholding Pattern/Change of name/merger-demerger/others (8 proposals) 88.4(i) Request for change in name of M/s. HBS Pharma SEZ Pvt. Ltd. to M/s. HBS Auto and Anc SEZ Pvt. Ltd. The Board approved the proposal of the developer for change in name of M/s. HBS Pharma SEZ Pvt. Ltd. to M/s. HBS Auto and Anc SEZ Pvt. Ltd. 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 ....
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.... 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. 88.4(iii) Request of M/s. Candor Gurgaon Two Developers & Projects Pvt. Ltd., Co-developer of IT/ITES SEZ of M/s. Gurgaon Infospace Ltd. at Village Dundahera, Sector-21, Gurugram (Haryana) for change in shareholding pattern of the company. The Board, after deliberations, 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. Fulfillment of all eligibility criteria applicable to co-developer, including security clearances etc., by the altered co-developer entity and its constituents; iii. Applicability of....
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....omply 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. 88.4(v) Request of M/s. Harman Connected Services Technologies Private Limited a co-developer in M/s. Manyata Embassy Business Park SEZ for change of name to M/s. Harman Connected Services Corporation India Private Limited. The Board noted that proposal does not indicate whether the change in name has the approval under relevant statutes. The Board, after deliberations, approved the proposal subject to approval by relevant statutory body with following conditions:- i. Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered co-developer entity; ii. Fulfillment 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 ....
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....(vii)(a) Request for Change in shareholding of M/s. Tanglin Developments Limited (TDL) on a fully diluted basis pursuant to investment by a subsidiary of M/s. BREP Asia Il Indian Holding Co I(NQ) Pte Ltd, Singapore (a member of Blackstone Group) through Convertible Debentures. (b) Approval for demerger of Global Village SEZ developed by M/s. Tanglin Developments Limited (TDL) into a subsidiary of M/s. BREP Asia Il Indian Holding Co I (NQ) Pte Ltd, Singapore ( a member of Blackstone Group). The Board noted that the proposal does not indicate whether it has the approval under relevant statutes. The Board, after deliberations, approved the proposals subject to approval by relevant statutory body with 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 Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital gains, equity change, transfer, taxability etc. iv....
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.... assessing officer of the co-developer to CBDT. Item No. 88.5 Requests for co-developer (one proposal) 88.5(i) Request of M/s. Torrent Power Ltd. for approval as Co-developer for development of infrastructure viz. proposed installation of 33 KV Sub-Station as a part of Electricity distribution network at Plot No. 23 as well as 09 nos. of small sub-stations of 11KVs already installed in Sector Specific SEZ for the Sector "EHTP & IT/ITES" (known as GIDC-EP SEZ)at Gandhinagar. The Board, after deliberations, approved the proposal of M/s. Torrent Power Ltd. for development of infrastructure viz. proposed installation of 33 KV Sub-Station as a part of Electricity distribution network at Plot No. 23 as well as 09 nos. of small sub-stations of 11KVs already installed subject to Co-Developer Agreement being entered into with the developer and also subject to standard terms and conditions as per SEZ Act and Rules provided that the lease period is limited to a period not exceeding 30 years (Renewable). Item No.88.6 Proposal for setting up of new SEZs (one proposal) 88.6(i) Request of M/s. Adani Power (Jharkhand) Ltd. for setting up of sector-specific SEZ for power at Villages ....
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....l Developers Limited (MRDL), Co-Developer of M/s Mahindra World City Developers Limited SEZ, Central Avenue, Chengalpet, Kancheepuram, Tamil Nadu for surrender of Co-developer status. The Board, after deliberations, decided to keep the matter in abeyance for deliberations as the matter is sub-judice. 88.7(vi) Request of M/s. Embassy Office Parks Pvt. Ltd. a sector specific SEZ for IT/ITES at Plot No. PLL-3, Rajiv Gandhi Infotech Park, Hinjewadi, Phase 11, Village Marunji, Taluka Mulashi, District Pune, Maharashtra, for increase in an area of 7.298 hectares. The Board, after deliberations, approved the proposal for increase in an area of 7.298 ha. 88.7(vii) Application submitted by M/s. Rajesh Exports Ltd., Bangalore for setting up a Unit in Cochin SEZ for manufacture/ export of Gold Bars and Silver Bars. The Board, after deliberations, decided to reject the proposal on the ground that the proposed activity is not allowe d in terms of para 4.61 of the Handbook of Procedure (HBP) 2015-2020 and also the Notification No. 21/2015-2020 dated 14.08.2017 issued by DGFT. 88.7(viii) Request of M/s. Abhijeet Ferro Tech Ltd., a unit in APSEZ, Atchutapuram for import of Ferro Manganese sl....