TaxTMI 
TaxTMI 
Minutes 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 proposals
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....e 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 pattern/ name/change of control 94.4(i) Request of M/s. DLF Assets Pvt. Ltd., co-developer in M/s. DLF Info City Hyderabad Limited (SEZ) for IT/ITES at Gachibowli Village, Serilingampally Mandal, Ranga....
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....ge, 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. 94.4(iii) Proposal of M/s. DLF Assets Pvt. Ltd., Co-developer of IT/ITES SEZ of M/s. DLF Cyber City Developers Ltd. at Sector-24 & 25A, DLF Phase-III, Gurugram (Haryana) for change in constitution of the company from 'Private Limited' to 'Public Limited' as 'DLF Assets Limited'. The Board, after deliberations, approved the proposal for change in name from M/s DLF Asse....
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.... 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. 94.4(v) Request of M/s. GMR Aerospace Engineering Limited, co-developer in M/s. GMR Hyderabad Aviation SEZ Limited (SEZ) at Mamidipalli Village, Shamshabad Mandal, Ranga Reddy District, Telangana for change of name to M/s. GMR Air Cargo and Aerospace Engineering Ltd. The Board, after deliberations, approved the proposal for change in name from M/s. GMR Aerospace Engineering Limited to M/s. GMR Air Cargo and Aerospace Engineering Ltd. with the following conditions:- i. Seamless continuity of the SEZ activities with unaltered responsib....
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.... 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. 94.4 (vii) Proposal of M/s. NIIT Technologies Limited, developer of IT/ITES SEZ at Plot No. TZ-02 & 2 A, Sector-Techzone, Greater Noida, Uttar Pradesh for change in shareholding pattern of the company. 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 constituents; iii. Applicability of and compliance with all Revenue / Company Affairs /SEBI etc. rules....
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....The co-developer shall furnish details of PAN and jurisdictional assessing officer of the co-developer to CBDT. 94.4 (ix) Request of M/s. Laxmipati Balaji Supply Chain Management Limited a codeveloper in M/s. Arshiya Limited for FTWZ at Panvel, Raigad, Maharashtra for change in Shareholding Pattern of the company. 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 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....
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.... assessing officer of the developer to CBDT. 94.4(xi) Request of M/s. KRC Infrastructure & Project Pvt. Ltd. a sector specific SEZ for IT/ITES at Village Kharadi, Taluka Haveli, District Pune, 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 ....
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....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. Item No. 94.5 Request for Co-developer 94.5 (i) Request of M/s. NMDC Data Centre Pvt. Ltd. for co-developer status in M/s. Persipina Developers Pvt. Ltd. SEZ at Panvel, District Raigarh, Maharashtra for developing, operating and maintaining the Data Centres and IT Infrastructures. The Board, after deliberations, approved the proposal of M/s. NMDC Data Centre Pvt. Ltd. for the following operations in accordance with the co-developer agreement entered into with the developer on 18.10.2019 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:- i. Development of Data Centres including civil constructions, raising the floors, strengthening the structures to suit the running of the Data Centres. ii. Comprehensive Electrification of the Data Centres including providing the Bus Ducts for the Data Centre B....
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....rdingly by the Board. 94.6 (iii) Request of M/s Abhijeet Ferro Tech Ltd. a unit in APSEZ, Visakhapatnam for permission to import Ferro Manganese Slag for a quantity of 2.54 lac MTs for the year 2020-21. The Board decided to place on record the comments of MoEF&CC which are as follows: As per the Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016, Ferro Manganese Slag falls under part 'B' of Schedule III and is not a Hazardous waste but categorised as 'other waste'. Further, it is a restricted item and cannot be allowed to be imported without permission from Ministry of Environment, Forest and climate Change. Since the item is restricted as per the import policy, the Board, after deliberations, approved the proposal in terms of 4th proviso to Rule 27(1) of the SEZ Rules, 2006 subject to NoC from Ministry of Environment, Forest & Climate Change and compliance of prescribed conditions. 94.7 Setting up of new SEZ Item no. 94.7(i) Request of M/s. Roma Builders Private Limited seeking formal approval for setting up a new Sector Specific SEZ for IT/ITES at Hiranandani Estate, Off. Ghodbundar Road, Village- Kevesar, Thane over an area of 1.....
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....a Reddy District, Telangana 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 change in equity/merger, demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT, Department of Reve....
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....9093 hectares, thereby making the total area of the co-developer as 10.27 hectares, 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. Decision on Supplementary Agenda II 94.12(i) Request of M/s. MSZ Logistics Private Ltd. for co-developer status in M/s. New Chennai Township a Light Engineering Sector SEZ at Seekinakuppam Village, Cheyyur Taluk, 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 hectares) in the already notified area of the SEZ in accordance with the MOU dated 22.10.2019 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. **** ANNEXURE - 1 List of Participants for the Meeting of the Board of Approval for Special Economic Zones held on 3rdJanuary, 2020 under the Chairmans....