TaxTMI 
TaxTMI 
Minutes for the 136th meeting of the Board of Approval for Special Economic Zones (SEZs) to be held on 30th January, 2026
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....er period of one year up to 21.11.2026. Administrator, IFSCA informed the Board that the LOA of unit was initially issued on 22.11.2022 to conduct Authorised Operations as a capital market intermediary under the IFSCA Capital Market Intermediary Regulations, 2021. The unit has has not yet started operations. The Unit was granted first extension upto 21/11/2024 and then second extension upto 21/11/2025. During the period since the last extension of the LoA, it was submitted by Administrator(IFSCA) that the company has continued to make steady progress towards operational readiness in line with proposed commencement of operations. It was also submitted that on operational front, the company has initiated the process for trading membership with NSE International Exchange. The Company has also undertaken preparatory work such as evaluation of potential international broker partnerships and strengthening internal compliance and operational teams. It was informed that the delay in commencement of operation resulted from procedural issues. However, investment has been made and unit has occupied space and paying rent regularly. Administrator, IFSCA recommended the proposal and also i....
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....submission of application by the unitafter the expiry of LoA and applicability of Rule of 19(5) of SEZ Rules, 2006, DC, NSEZ clarified that the unit had initially submitted their application for extension on 21.07.2025 however due to deficiencies in the application, the unit was requested to rectify, hence the presentation of the case to BoA was delayed. Accordingly, after consideration of the reasons for delay, investment made by the Unit and recommendation of DC, NSEZ, the Board being satisfied that it is necessary and expedient in pursuance to third proviso to Rule 19(4) of SEZ Rules, 2006, granted extension of validity of LoA for a further period of one year, je., upto 30.07.2026. Further, the Board directed all DCs to mandatorily review expiry of LoA of Units on periodic basis and ensure that there are no cases of request of extension after expiry of validity of LoA. The Board also opined that all DCs should properly maintain the record of LoAs withing their jurisdiction and review which units/SEZs have expiry in next 6 months and pursue to submit their renewal request prior to 3 months of validity the LoA and complete procedure in due time to maintain hygiene and to avo....
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.... The Board further enquired DC, FSEZ, about the business prospects of the region where SEZ being located and their envisioned exports products to the other countries. In this connection, DC informed that the SEZ will focus on handloom, handicraft and stone related industries. Accordingly, the Board being satisfied with the written explanation/justification submitted by Developer and recommendation by DC, Falta SEZ, in pursuance to proviso to Rule 6(2)(a) of SEZ Rules, 2006, granted extension of validity of the Formal Approval for a further period of one year, i.e., up to 29.10.2026. Agenda Item No. 136.4: Request for Co-Developer status [3 proposals - 136.4(i) - 136.4(iii)] 136.4(i) Request of Ms. Suma Shilp Infraspaces Private Limited, Ahmedabad for approval as Co-Developer within processing Area in GIFT-Multi Services SEZ at Ratanpur, District Gandhinagar, Gujarat, developed by M/s. GIFT City Company Limited (formerly M/s. GIFT SEZ Limited) - regarding. The Board observed that M/s. Suma Shilp Infraspaces Private Limited has entered into agreement with the Developer on 27.05.2025, which is a condition required to be fulfilled under the Section 3(11) of SEZ Act, 2005....
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....1961 and Income-tax Rules, 1962 as amended from time to time. The lease period shall be in accordance with DoC's Instruction No. 98 dated 29th August, 2019. 136.4(iii) Request of M/s Solar Defence and Aerospace Limited, as Co-Developer status in MIHAN SEZ, Mihan, Nagpur- Reg. The Board observed that M/s Solar Defence and Aerospace Limited has entered into agreement with the Developer on 10.12.2025, which is a condition required to be fulfilled under the Section 3(11) of SEZ Act, 2005 and DC has also recommended the proposal. The Board, after deliberations, and considering the submissions made by DC, MIHAN, approved the proposal of M/s Solar Defence and Aerospace Limited for Co-developer status in the M/s. MIHAN SEZ, Mihan, Nagpur for Construction of Building for SEZ Units for Defence, IT/ITES, Manufacturing, Service Units or any other SEZ Unit with Associated Infrastructure and undertaking other default authorized operations as per MOCI Instruction No. 50 dated 15.03.2010 over in area 9,04,972.347 Sq.Mtr. (223.623 Acres), in accordance with the Co-developer Agreement dated 10.12.2025, entered into with the Developer (M/s. MIHAN SEZ, Nagpur) subject to standard terms an....
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....al denotification proposal is to convert 1.18 Hectares from SEZ into DTA due no new clients turning up for leasing the constructed SEZ area, as direct tax benefits by the units in SEZ has ceased to exist, further, majority of units in SEZ are preferring to avail the benefit of permitting employees to work from any location resulting in reduced space requirement. Site inspection has been carried out by DC, CSEZ along with state Revenue Authorities. It has been found that area proposed to be de-notified has a building (Block 4) with an built-up area of 62,531.74 sqmtr and all conditions required under SEZ Act/ Rules are fully met for the said denotification. The area remaining after the proposed partial de-notification is contiguous meeting all the requirements of built-up area in terms of SEZ Act and Rules and without any public thoroughfare. Further, DC certifies that there are no units in the SEZ area proposed for de-notification and the Developer has returned all Tax/Duty benefits availed under the SEZ Act/Rules, in r/o of the land being de notified to DC satisfaction and State Govt. has provided its 'No Objection'. The Board, being satisfied, in pursuance to fir....
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....-reg. DC, VSEZ informed the Board that M/s. Cognizant Technology Services Private Limited was issued Letter of Approval on 07.01.2008 thereafter it was extended multiple times till 06.01.2015. The Developer had executed Bond cum Legal Undertaking for Rs. 12 Crs., on 22.11.2011 and constructed only perimeter compound wall and no further construction was done. The Board was informed the reasons for instant full de-notification is that the IT/ITes business requires very closer proximity to employees to meet the business deliverables at 24/7 basis. Considering the distance of the location from the Hyderabad City, the Developer might see attrition in the employment and not able to meet up business growth The Board was informed that there are no units in the SEZ Further, the Developer has refunded all Tax /Duty benefits availed under the SEZ Act/Rules, in r/o of the land being de-notified to DC satisfaction and State Government of Telangana has recommended the proposal of de-notification. The Board, being satisfied, in pursuance to first proviso to Rule 8 of SEZ Rules, 2006 approved the Full de-notification of 16.19 Ha of Ms. Cognizant Technology Solutions India Private Limited,....
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.... mtrs has been proposed to be demarcated under Rule 11B. It was submitted that the Developer has been able to recently secure client(s) interested in non-SEZ space within the building/SEZ area and hence the Developer has now approached the BoA to convert SEZ processing area into SEZ non-processing area upon demarcation. The DC further submitted that requisite documents have been submitted by the Developer. It was also confirmed by DC that total duty benefits and tax exemption availed on the BUA proposed to be demarcated as NPA have been paid back and No Dues Certificate have been issued by the Specified Officer. The Board, after deliberations, permitted the demarcation of the following area as Non Processing Area in terms of Rule 11B of SEZ Rules, 2006: - Tower Floor no Area in Sq. Mtr Centaurus Building 13^th Floor (Office Floor) 9,039.64 Sq. Mtrs Centaurus Building Parking Area at Basement-3 16,368.79 Sq.Mtrs TOTAL 25,408.43 sq.mtr In addition to above, the Board stated that the responsibility to ensure that all the extant provisions relating to demarcation of processing area to non-processing area are implemented in letter a....
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.... M/s. Vidur Infrastructure Private Limited was issued Letter of Approval on 1502.2023 over an area of 244.55 acre as a Co-Developer in M/s. New Chennai Township Private Limited, Multi Services at Seekinankuppam Village, Cheyyur Taluk, Chengalpattu District, Tamil Nadu. Now, it has requested for cancellation of Co-Developer status due to post-pandemic decline in demand for land, making it unable to attract investors, challenges in sourcing employment, as the area is far from city limits with limited road connectivity, lack of government development initiatives, hindering progress in leasing the SEZ as Co-Developer etc. The Board was informed that the Co-Developer has submitted the following documents :- i. No-Objection Certificate dated 22.12.2025 issued by Developer for cancellation of Co-Developer status. ii. "No Due Certificate" dated 22.12.2025 issued by the Specified Officer. Accordingly, the Board, after deliberations, approved the proposal for cancellation of Co-Developer status issued to M/s. Vidur Infrastructure Private Limited in the SEZ developed by M/s. New Chennai Township Private Limited, Multi Services at Seekinankuppam Village, Cheyyur Taluk, ....
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....an observation regarding the lack of clear recommendation of DC in the proposal and lack of insight on security of perimeter for monitoring. Further, the issue of timeline for this temporary gate was also raised Accordingly, the Board, after deliberations, deferred the proposal of creation of a temporary gate in SEZ Phase II, of SEZ developed by M/s. M.P. Industrial Development Corporation (MPIDC) Ltd., Multi-product Indore SEZ The Board directed DC, Indore SEZ to re-submit the proposal with clear recommendation on: i. Measures to ensure safety and security; ii. Safeguards against any Unit using the proposed gate; iii. Duration of CCTV recording to be maintained during the 8 months; iv. Checks on throughput for other units, which is currently happening through main gate, not falling on the proposed gate; v. Recommendations of the Customs authority Further, the Board directed all DCs to provide clear recommendation while submitting any proposal to the Board of Approval Annexures- I List of Participants for the Meeting of the Board of Approval for SEZ held on 30th January, 2026 under the Chairmanship of Commerce Secre....