Agenda of Approval Committee meeting to be held on 09.06.2026 -Arshiya SEZ

सी᭡ज़ िवशेष आᳶथᭅक ᭃेᮢ SEEPZ SPECIAL ECONOMIC ZONE

अंधेरी (पूवᭅ), मुंबई ANDHERI (EAST), MUMBAI

कायᭅसूची के िलए AGENDA FOR

ᮕाम साई, तालुका पनवेल, िजला रायगढ़ मᱶ मेससᭅ अᳶशᭅया िलिमटेड के ᭃेᮢ िवशेष आᳶथᭅक ᭃेᮢ FTWZ के िलए अनुमोदन सिमित कᳱ बैठक। MEETING OF THE APPROVAL COMMITTEE FOR SECTOR SPECIFIC SPECIAL ECONOMIC ZONE FTWZ OF M/s. ARSHIYA LIMITED AT VILLAGE SAI, TALUKA PANVEL, DISTRICT RAIGAD. ᭭थल : स᭥मेलन हॉल, ि᳇तीय तल, िवकास आयुᲦ कायाᭅलय, सी᭡ज़-एसईजेड,
अंधेरी (पूवᭅ), मुंबई। VENUE : Conference Hall, 2nd Floor, The Office of the Development
Commissioner, SEEPZ-SEZ, Andheri (East), Mumbai

ᳰदनांक
: मंगलवार, 09 जून, 2026 DATE : Tuesday, 09th June, 2026

समय
: 11:00 बजे TIME
: 11:00 AM

मंगलवार, 09 जून 2026 को िवकास आयुᲦ, सी᭡ज़-सेज़ कᳱ अ᭟यᭃता मᱶ साई गांव, तालुका पनवेल, िजला रायगढ़ मᱶ मेससᭅ अᳶशᭅया िलिमटेड के एफटीड᭣᭨यूजेड के िलए ᭃेᮢ िवशेष आᳶथᭅक ᭃेᮢ के िलए अनुमोदन सिमित कᳱ बैठक। Meeting of the Approval Committee for Sector Specific Special Economic Zone for FTWZ of M/s. Arshiya Limited at Sai Village, Taluka Panvel, District Raigad under the Chairmanship of Development Commissioner, SEEPZ-SEZ on Tuesday, 09th June, 2026.
INDEX

Agenda Item No.

Subject Agenda Item No. 01 : - Confirmation of minutes of the meeting held on 28.04.2026. Agenda Item No. 02 : - Monitoring of the performance for the F.Y. 2017-18 to F.Y. 2023-24 located at Arshiya-FTWZ - M/s. Asstur International LLP.

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eld on 28.04.2026. Agenda Item No. 02 : - Monitoring of the performance for the F.Y. 2017-18 to F.Y. 2023-24 located at Arshiya-FTWZ - M/s. Asstur International LLP.

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MINUTES OF 171st MEETING OF THE APPROVAL COMMITTEE FOR SEEPZ SEZ HELD UNDER THE CHAIRMANSHIP OF THE DEVELOPMENT COMMISSIONER ON 28-04-2026

Name of the SEZ Arshiya-SEZ Meeting No. 171st Date 28-04-2026

Members Present:

Sr. No. Name of the Members Designation Organization 1 Shri. Mayur R. Mankar Joint Development Commissioner SEEPZ-SEZ 2 Shri. Sunil Aghawane Joint Commissioner Nominee of Commissioner of Income Tax office, Mumbai 3 Shri. Backiyavelu Mutharasu Deputy Director Nominee of the Additional DGFT, Mumbai 4 Shri. Ravindra Keni Deputy Commissioner of Customs Nominee of Commissioner of Customs, General, Air Cargo, Sahar 5 Smt. Poonam Darade Deputy Director of Industries Nominee of DC Industries, Government of Maharashtra 6 Shri. Jay Manoj Shah Deputy Development Commissioner/ Specified Officer SEEPZ –SEZ 7 Smt. Smitha Nambiar Specified Officer NEW –SEZ

कायसूची मद संया 01: दनांक 22.01.2026 को आयो!जत 170वीं बैठक क( कायवृ* क( पु-.। दनांक 22.01.2026 को आयो!जत 170वीं बैठक के कायवृ* को सवस1मित से पु-. क( गई।

Agenda Item No. 01: Confirmation of the Minutes of the 170th Meeting held on 22-01-2026. The Minutes of the 170th Meeting held on 22-01- 2026 were confirmed with consensus. कायसूची मद संया 02: दनांक 19.12.2025 को माननीय NCLT, मुंबई 6ारा IA संया 1928/2025 (पंकज महाजन, RP, एम/एस अरिशया िलिमटेड बनाम एम/एस अस@डास पनवेल FTWZ Aा.

22-01- 2026 were confirmed with consensus. कायसूची मद संया 02: दनांक 19.12.2025 को माननीय NCLT, मुंबई 6ारा IA संया 1928/2025 (पंकज महाजन, RP, एम/एस अरिशया िलिमटेड बनाम एम/एस अस@डास पनवेल FTWZ Aा. िल. एवं अBय), जो क CP (IB) संया 3143/MB/2019 (पंजाब नेशनल बDक बनाम अरिशया िलिमटेड) से उFपBन है, म@ पाGरत आदेश के -वHI माननीय NCLAT के समJ समाधान पेशेवर (RP) 6ारा दायर अपील के संबंध म@ उिचत कायवाहL।

Agenda Item No. 02: Appropriate course of action regarding the Appeal filed by the Resolution Professional (RP) before the Hon’ble NCLAT against the order dated 19.12.2025 passed by the Hon’ble NCLT, Mumbai in IA No. 1928 of 2025 (Pankaj Mahajan, RP of M/s Arshiya Limited v. M/s Ascendas Panvel FTWZ Pvt. Ltd. & Ors.), arising out of CP (IB) No. 3143/MB/2019 (Punjab National Bank v. Arshiya Limited).

िनणय: -वषय का अनुमोदन सिमित 6ारा -वQतार से परLJण कया गया। स1यक् -वचार--वमश के उपरांत, सिमित ने माननीय एनसीएलएटL, नई दSली के समJ रेज़ोSयूशन Aोफेशनल (RP) 6ारा दायर अपील का संVान िलया, !जसम@ माननीय एनसीएलटL, मुंबई के उपयुW आदेश को चुनौती दL गई है। सिमित को यह भी अवगत कराया गया क उW अपील म@ एम/एस अरिशया िलिमटेड (सीआईआरपी के अधीन) के रेज़ोSयूशन Aोफेशनल 6ारा अनुमोदन सिमित को (-वकास आयुW के माZयम से) AितवादL के [प म@ पJकार बनाया गया है। सिमित ने अवलोकन कया क अपील म@ उठाए गए मु\े, !जनम@ एम/एस अरिशया िलिमटेड (कॉरपोरेट देनदार) एवं एम/एस अरिशया पनवेल एफटLड^Sयूज़ेड Aा. िल.

को (-वकास आयुW के माZयम से) AितवादL के [प म@ पJकार बनाया गया है। सिमित ने अवलोकन कया क अपील म@ उठाए गए मु\े, !जनम@ एम/एस अरिशया िलिमटेड (कॉरपोरेट देनदार) एवं एम/एस अरिशया पनवेल एफटLड^Sयूज़ेड Aा. िल. (सह--वकासकता) के मZय िन_पादत माQटर लीज़ ए`ीम@ट क( शतa से संबंिधत -वषय भी स!1मिलत हD, संबंिधत पJb के बीच िनजी सं-वदाFमक cयवQथाओं से उFपBन होते हD। यह उSले!खत कया गया क ऐसे समझौतb क( शतi केवल संबंिधत पJb के बीच (inter se) बाZयकारL होती हD और अनुमोदन सिमित (UAC) पर इनका कोई Aभाव नहLं पड़ता। ऐसे समझौते न तो UAC के -वHI कोई अिधकार Aदान करते हD और न हL UAC से कसी Aकार क( Qवीकृित या हQतJेप क( अपेJा करते हD, !जसक( अिधकार- सीमा केवल -वशेष आिथक Jेm अिधिनयम, 2005 तथा -वशेष आिथक Jेm िनयम, 2006 के Aावधानb तक सीिमत है। अतः अपील म@ िनहत -वषय अनुमोदन सिमित के कायJेm म@ नहLं आते हD। आगे यह भी उSले!खत कया गया क जब तक एफटLड^Sयूज़ेड क( गित-विधयाँ, !जनम@

Decision: The matter was examined in detail by the Approval Committee. After due deliberations, the Committee took note of the Appeal filed by the Resolution Professional (RP) before the Hon’ble NCLAT, New Delhi, challenging the aforesaid order of the Hon’ble NCLT, Mumbai. The Committee was further informed that the Approval Committee has been arrayed as a Respondent (through the Development Commissioner) in the said Appeal filed by the Resolution Professional of M/s Arshiya Limited (under CIRP). The Committee observed that the issues raised in the Appeal, including those relating to the clauses of the Master Lease Agreement executed between M/s Arshiya Limited (Corporate Debtor) and M/s Arshiya Panvel FTWZ Pvt.

the issues raised in the Appeal, including those relating to the clauses of the Master Lease Agreement executed between M/s Arshiya Limited (Corporate Debtor) and M/s Arshiya Panvel FTWZ Pvt. Ltd. (Co- Developer), arise out of private contractual arrangements between the concerned parties. It was noted that the terms and conditions of such agreements are binding only inter se the parties and have no bearing on the Approval Committee (UAC). Such arrangements neither confer any right nor require any approval or intervention from the UAC, whose jurisdiction is limited to the provisions of the SEZ Act, 2005 and the SEZ Rules, 2006. Accordingly, the issues involved in the Appeal do not fall within the scope of the functions of the Approval Committee. It was further noted that, so long as the operations of the FTWZ, including import/export and warehousing activities,

आयात/िनयात तथा वेयरहाउिसंग संचालन स!1मिलत हD, Aद* Qवीकृितयb के अनु[प संचािलत होती रहती हD और अAभा-वत रहती हD, तथा सम` cयापाGरक हत सुर!Jत रहते हD, तब तक ऐसे िनजी सं-वदाFमक, वा!ण!pयक या -वीय -ववादb म@ सेज Aािधकरणb क( कोई भूिमका नहLं है। उपरोW के आलोक म@, सिमित ने िनणय िलया क -वकास आयुW, अथवा उनके 6ारा अिधकृत एडLसी (-विध), माननीय एनसीएलएटL के समJ आवqयकतानुसार उपयुW AFयुर/हलफनामा दायर कर सकते हD, !जसम@ अनुमोदन सिमित के सीिमत अिधकार-Jेm (SEZ Act, 2005 एवं SEZ Rules, 2006 के अंतगत) को अिभलेख पर AQतुत कया जाए तथा यह Qप.

नीय एनसीएलएटL के समJ आवqयकतानुसार उपयुW AFयु*र/हलफनामा दायर कर सकते हD, !जसम@ अनुमोदन सिमित के सीिमत अिधकार-Jेm (SEZ Act, 2005 एवं SEZ Rules, 2006 के अंतगत) को अिभलेख पर AQतुत कया जाए तथा यह Qप. कया जाए क -वषय संबंिधत पJb के बीच िनजी सं-वदाFमक cयवQथाओं से संबंिधत है। -वकास आयुW 6ारा माननीय एनसीएलएटL के समJ सेज Aशासन के Aभावी AितिनिधFव हेतु आवqयक सभी कदम भी उठाए जा सकते हD। continue in accordance with the approvals granted and remain unaffected, and overall trade interests are safeguarded, the SEZ authorities have no role in intervening in such private contractual, commercial, or financial disputes among the concerned parties. In view of the above, the Committee decided that the Development Commissioner, or

the ADC(Legal) authorized by him, may file an appropriate reply/affidavit before the Hon’ble NCLAT, as deemed fit, bringing on record the limited jurisdiction of the Approval Committee under the SEZ Act, 2005 and the SEZ Rules, 2006, and clarifying that the matter pertains to private contractual arrangements between the parties. The Development Commissioner may also take all necessary steps, for effective representation of the SEZ administration before the Hon’ble NCLAT.

signaturerectangle-1-186 Shri.

en the parties. The Development Commissioner may also take all necessary steps, for effective representation of the SEZ administration before the Hon’ble NCLAT.

signaturerectangle-1-186 Shri. Dnyaneshwar B Patil Development Commissioner SEEPZ- SEZ Digitally signed by Dnyaneshwar Patil Date: 2026.05.26 10:25:32 IST % DSUnknown q 1 G 1 g 0.1 0 0 0.1 9 0 cm 0 J 0 j 4 M []0 d 1 i 0 g 313 292 m 313 404 325 453 432 529 c 478 561 504 597 504 645 c 504 736 440 760 391 760 c 286 760 271 681 265 626 c 265 625 l 100 625 l 100 828 253 898 381 898 c 451 898 679 878 679 650 c 679 555 628 499 538 435 c 488 399 467 376 467 292 c 313 292 l h 308 214 170 -164 re f 0.44 G 1.2 w 1 1 0.4 rg 287 318 m 287 430 299 479 406 555 c 451 587 478 623 478 671 c 478 762 414 786 365 786 c 260 786 245 707 239 652 c 239 651 l 74 651 l 74 854 227 924 355 924 c 425 924 653 904 653 676 c 653 581 602 525 512 461 c 462 425 441 402 441 318 c 287 318 l h 282 240 170 -164 re B Q

Action Taken for Approval Committee held on 28-04-2026 Agenda Item No. Subject Remarks Agenda Item No. 01 Confirmation of the Minutes of the 170th Meeting held on 22-01-2026 Noted. Agenda Item No. 02 Company Petition (IB) No. 3143/MB/2019 filed by Punjab National Bank Vs. Arshiya Limited is pending before the Hon’ble NCLT, Mumbai.(M/s. Arshiya Limited (CIRP)) A copy of Minutes has been sent to all members of UAC and to legal section SEEPZ.

by Punjab National Bank Vs. Arshiya Limited is pending before the Hon’ble NCLT, Mumbai.(M/s. Arshiya Limited (CIRP)) A copy of Minutes has been sent to all members of UAC and to legal section SEEPZ.

Export F.E. OUTGO GOVERNMENT OF INDIA, OFFICE OF THE DEVELOPMENT COMMISSIONER, SEEPZ SPECIAL ECONOMIC ZONE, GOVT. OF INDIA, ANDHERI (EAST), MUMBAI

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AGENDA NOTE FOR CONSIDERATION OF APPROVAL COMMITTEE

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a. Proposal : Monitoring of the performance of M/s. Asstur International LLP, unit located in Arshiya-FTWZ for the period from F.Y. 2017-18 to F.Y. 2023-24. b. Specific Issue on which decision of AC is required: -
Monitoring of the performance of the unit for F.Y. 2017-18 to F.Y. 2023-24 in terms of Rule 54 of SEZ Rules, 2006. c. Relevant provisions of SEZ Act, 2005 & Rules, 2006/Instruction/
Notification :- As per Rule 54 of SEZ Rules, 2006; “Performance of the unit shall be monitored by the Approval Committee as per guidelines given in Annexure appended to these rules”. d. Other Information: - i. Approved Projections (1st Block Period) As per Approved Projections for the period F.Y. 2017-18 to 2021-22 (Rs.

les”. d. Other Information: - i. Approved Projections (1st Block Period) As per Approved Projections for the period F.Y. 2017-18 to 2021-22 (Rs. in Lakhs)
1st Year 2nd Year 3rd Year 4th Year 5th Year Total FOB value of export 9540.00 29535.00 53933.00 82734.00 115571.00 291313.00 FE Outgo 9486.00 29370.00 53632.00 82272.00 114926.00 289686.00 NFE 54.00 165.00 301.00 462.00 645.00 1627.00

                                                    6th Year

7th Year 8th Year 9th Year 10th Year Total FOB value of export 380.00 388.00 395.00 395.00 395.00 1953.00 FE Outgo 14.00 17.00 20.00 23.00 26.00 100.00 NFE 366.00 371.00 375.00 372.00 369.00 1853.00

Note: As per the records available with this office, the aforesaid projections for the period F.Y. 2022-23 to 2026-27 have not been approved by this office. However, the Letter of Approval (LOA) remained valid up to 29.05.2022.

ii. Performance as compared to projections during the block period F.Y.2017-18 to F.Y. 2023-24

 (Rs. In Lakhs)

(LOA) remained valid up to 29.05.2022.

ii. Performance as compared to projections during the block period F.Y.2017-18 to F.Y. 2023-24

 (Rs. In Lakhs)

Year

Projected

Actual Raw Material (Goods/Services) C.G. Import Other Outflow Projected Actual Projected Actual Actual 2017-18 9540.00 27.12 9486.00 0.00 0.00 0.00 0.00 2018-19 29535.00 8.64 29370.00 0.00 0.00 0.00 0.00 2019-20 53933.00 0.00 53632.00 0.00 0.00 0.00 0.00 2020-21 82734.00 0.00 82272.00 0.00 0.00 0.00 0.00 2021-22 115571.00 0.00 114926.00 0.00 0.00 0.00 0.00 Total 291313.00 35.76 289686.00 0.00 0.00 0.00 0.00 Year Export F.E. OUTGO

Projected

Actual Raw Material (Goods/Services) C.G. Import Other Outflow Projected Actual Projected Actual Actual 2022-23 380.00 0.00 14.00 0.00 0.00 0.00 0.00 2023-24 388.00 0.00 17.00 0.00 0.00 0.00 0.00 Total 768.00 0.00 31.00 0.00 0.00 0.00 0.00 Year Cumulative NFE (Projected) Cumulative NFE Achieved Cumulative % NFE Achieved 2017-18 54.00 27.12 50.22% 2018-19 165.00 35.76 21.67% 2019-20 301.00 35.76 11.88% 2020-21 462.00 35.76 7.74% 2021-22 645.00 35.76 5.54%

Block period F.Y. 2022-23 to F.Y. 2023-24

iii. Cumulative NFE achieved during block period F.Y.2017-18 to F.Y. 2023-24 (Rs. in Lakhs) As per verification report submitted by Custom office-

riod F.Y. 2022-23 to F.Y. 2023-24

iii. Cumulative NFE achieved during block period F.Y.2017-18 to F.Y. 2023-24 (Rs. in Lakhs) As per verification report submitted by Custom office-

Year Cumulative NFE (Projected) Cumulative NFE Achieved Cumulative % NFE Achieved 2022-23 366.00 0.00 0.00% 2023-24 371.00 0.00 0.00% Year Cumulative NFE (Projected) Cumulative NFE Achieved Cumulative % NFE Achieved 2017-18 54.00 27.12 50.22% 2018-19 219.00 35.76 16.33% 2019-20 520.00 35.76 6.88% 2020-21 982.00 35.76 3.64% 2021-22 1627.00 35.76 2.20% Block period F.Y. 2022-23 to F.Y. 2023-24

**As per the verification/scrutiny conducted by this office, the correct figures are as under:

iv. Whether the Unit achieved Positive NFE : Yes

(E) Other Information: LOA No. & Date SEEPZ-SEZ/NEWSEZ/ARSHIYA-RAIGAD/ 133/2016- 17/02431, Dated 02/02/2017 Validity of LOA Expired Item(s) of manufacture/ Services Trading Activities Date of commencement of production 02.02.2017 Execution of BLUT YES Outstanding Rent dues No Labour Dues No Validity of Lease Agreement No Pending CRA Objection, if any No Pending Show Cause Notice/ Eviction Order/Recovery Notice/ Recovery Order issued, if any No a. Projected employment for the block period b. No. of employees as on 31.03.2025 03

03 Area allotted (in sq.ft.) 500 Sq. Ft. Area available for each employee per sq.ft. basis) NA Investment till date

Building NIL Plant & Machinery NIL TOTAL NIL Per Sq.ft.

ees as on 31.03.2025 03

03 Area allotted (in sq.ft.) 500 Sq. Ft. Area available for each employee per sq.ft. basis) NA Investment till date

Building NIL Plant & Machinery NIL TOTAL NIL Per Sq.ft. Export during the FY NA Quantity and value of goods exported under Rule 34 (Unutilized goods) NIL Value Addition during the monitoring period NA

Whether all the APRs being considered now has been filed well within the time limit, or otherwise.

If no, details of the Year along with no of days delayed to be given. YES. From F.Y. 2017-18 to F.Y. 2023-24

(F) Reconciliation of Export & Import data. a. EXPORT
(Rs.in lakhs)
Year/Period Figures reported in APR (FOB Value) Figures as per NSDL Data Difference if any Reason for Difference/Remark given by The Unit

2017-18 27.12 27.12 0.00 Dats is aligned with APR filed.

2018-19 8.64 8.64 0.00

2019-20 0.00 0.00 0.00

2020-21 0.00 0.00 0.00

2021-22 0.00 0.00 0.00

2022-23 0.00 0.00 0.00

2023-24 0.00 0.00 0.00

b. IMPORT (Rs. In Lakhs)
Year/Period Figures as per APR Figures as per NSDL Data Difference if any Reason for Difference/Remark given by The Unit 2017-18 0.00 0.00 0.00 NA 2018-19 0.00 0.00 0.00 2019-20 0.00 0.00 0.00 2020-21 0.00 0.00 0.00 2021-22 0.00 0.00 0.00 2022-23 0.00 0.00 0.00 2023-24 0.00 0.00 0.00

(G) Bond cum Legal Undertaking (BLUT) i Total Bond-Cum Legal Undertaking Rs.

2019-20 0.00 0.00 0.00 2020-21 0.00 0.00 0.00 2021-22 0.00 0.00 0.00 2022-23 0.00 0.00 0.00 2023-24 0.00 0.00 0.00

(G) Bond cum Legal Undertaking (BLUT) i Total Bond-Cum Legal Undertaking Rs. 2792.68 Lakhs

ii Remaining Value of BLUT given by entity at the start of the Financial Year. There were no short of value of BLUT.

iii Value of Additional Bond-cum-Legal Undertaking (BLUT) executed during the Financial Year.

Nil iv The duty forgone on Goods/ Services imported or procured during the Financial Year (should include the GST foregone on DTA procured goods/services) 2017-18 0.00 2018-19 0.00 2019-20 0.00 2020-21 0.00 2021-22 0.00 2022-23 0.00 2023-24 0.00 v Remaining Value of BLUT as at the end of the Financial Year Rs. 2792.68 Lakhs

(H) Details of pending Foreign Remittance beyond Permissible period, if any To cross-check the same and verify whether necessary permission from AD Bank / RBI has been obtained. NIL (I) (a) Whether all softex has been filed for the said period. If no, details thereof. SO to also check whether unit has obtained Softex condonation from DC office / RBI and if approved, whether they have filed such pending Softex.

Not Applicable as FTWZ Unit (b) Whether all Softex has been certified, if so till which month has the same been certified. If not, provide details of the Softex and reasons for pendency. Not Applicable as FTWZ Unit (c) Whether unit has filed any request for Cancellation of Softex Not Applicable as FTWZ Unit (J) Whether any Services provided in DTA / SEZ/EOU/STPI etc.

ns for pendency. Not Applicable as FTWZ Unit (c) Whether unit has filed any request for Cancellation of Softex Not Applicable as FTWZ Unit (J) Whether any Services provided in DTA / SEZ/EOU/STPI etc. against payment in INR in r/o IT/ITES Unit during the period. If yes, details thereof (year wise details to be provided) Not Applicable as FTWZ Unit (K) Is the unit sharing any of their infrastructures with other units or are utilizing infrastructure of another unit in the same or other SEZ.

If so, details thereof, including the details of the unit with whom the sharing is being made, and the payment terms.

If approval for sharing of common infrastructure has been obtained from UAC / DC office, the date of UAC / Approval letter to be indicated No (L) Whether all DSPF for services procured during the said monitoring period under consideration has been filed by the unit and whether the same has been processed for approval by the SO Office. NA

(M) Whether unit has filed all DTA procurement w.r.t.

said monitoring period under consideration has been filed by the unit and whether the same has been processed for approval by the SO Office. NA

(M) Whether unit has filed all DTA procurement w.r.t. the goods procured by them during the monitoring period for the relevant period.

If no, details thereof No Any (N) Details of the request IDs pending for OOC in respect of DTA procurement on the date of submission of monitoring report None (O) Has the unit set up any cafeteria / canteen / food court in unit premises. If yes, whether permission from UAC / DC office has been issued, or otherwise office has been issued, or otherwise Whether unit has availed any duty free goods / services for setting up such facility? If yes, whether unit has discharged such duty / tax benefit availed ? details to be given including amount of duty / tax recovered or yet to be recovered No (P) Whether any violation of any of the provisions of law has been noticed / observed by the Specified Officer during the period under monitoring No

P. Observations by Specified Officer : The unit has achieved export revenue of Rs. 35.76 Lacs as against projected export of Rs. 292081 Lakhs i.e. 0.01% during the period from F.Y. 2017-18 to 2023-24 as per the APR data given by the unit. The unit has achieved positive NFE during the block period. The unit has filed all APRs for the 5 year block on time.

Observation as per office Record – The Violations / Non-Compliances Observed in respect of M/s. Asstur International LLP for consideration of the Unit Approval Committee (UAC) 1.

ear block on time.

Observation as per office Record – The Violations / Non-Compliances Observed in respect of M/s. Asstur International LLP for consideration of the Unit Approval Committee (UAC)

1. Non-achievement of Positive Net Foreign Exchange (NFE) Obligation - As per Rule 53 of the Special Economic Zones Rules, 2006, every Unit in an SEZ is required to achieve Positive Net Foreign Exchange (NFE) cumulatively over a period of five years from the commencement of production/service activities. It has been observed that against the cumulative projected NFE of Rs. 1,627.00 lakhs for the approved block period F.Y. 2017-18 to 2021-22, the Unit has achieved cumulative NFE of only Rs. 35.76 lakhs, which is merely 2.20% of the projected NFE, as verified from the records available with this office. Further, no exports/NFE achievement have been reported for F.Y. 2022-23 and F.Y. 2023-24. The Unit has thus failed to fulfill the export performance obligations and positive NFE requirements prescribed under Rule 53 of the SEZ Rules, 2006 read with the terms and conditions of the Letter of Approval (LOA).
2. Non-compliance with conditions for Renewal of LOA under Rule 19 of SEZ Rules, 2006 - The Unit had submitted an application dated 25.03.2022 for renewal of Letter of Approval (LOA).

Approval (LOA). 2. Non-compliance with conditions for Renewal of LOA under Rule 19 of SEZ Rules, 2006 - The Unit had submitted an application dated 25.03.2022 for renewal of Letter of Approval (LOA). During scrutiny of the said application, deficiencies were observed and communicated to the Unit, inter alia, seeking: justification for downward revision of projections; and undertaking in terms of Rule 19(6B)(iii), (iv) and (v) of the SEZ Rules, 2006. However, no clarification/reply was submitted by the Unit against the deficiency letter issued by this office. Consequently, the renewal proposal could not be processed/approved and the validity of the LOA remained only up to 29.05.2022. The Unit thereafter submitted an application dated 17.10.2024 seeking Final Exit from the SEZ Scheme without

obtaining renewal approval. 3. Delay in submission of APR / Non-compliance of statutory filing requirements - As per Rule 22(3) of the SEZ Rules, 2006 read with Instruction No. 113 dated 16.03.2022 issued by the Department of Commerce, every Unit is required to submit Annual Performance Reports (APR) within the prescribed timeline. The Specified Officer, Arshiya, had issued Show Cause Notice and Order-in-Original against the Unit for delay in submission of APRs. The Unit has reportedly paid penalty amounting to Rs. 80,000/- imposed in this regard. Further, the Unit failed to mention the Request ID in the hard copies of APR submitted before this office, due to which verification regarding timely online submission of APR could not be carried out from available records. 4.

mention the Request ID in the hard copies of APR submitted before this office, due to which verification regarding timely online submission of APR could not be carried out from available records. 4. Deviation from Approved Projections / Approved Operations - The actual export turnover achieved by the Unit remained substantially below the approved projections throughout the approved block period. Against projected exports of Rs. 2,91,313.00 lakhs for F.Y. 2017-18 to 2021-22, the Unit achieved exports of only Rs. 35.76 lakhs. Further, though projections for the subsequent period F.Y. 2022-23 to 2026-27 were submitted by the Unit, the same were not approved by this office. Accordingly, operations carried out after expiry of validity of LOA on 29.05.2022, if any, may require examination with reference to Rule 19 and Rule 54 of the SEZ Rules, 2006. 5. Proceedings relating to monitoring of Unit performance - The performance of the Unit was placed before the Approval Committee meeting held on 26.08.2022 in terms of Rule 54 of the SEZ Rules, 2006 relating to monitoring of performance of SEZ Units. The Committee noted the performance position of the Unit and directed the Specified Officer, Arshiya, to examine the activities being carried out by the Unit and submit verification report. Pursuant thereto, verification proceedings were conducted and Show Cause Notice proceedings relating to delay in submission of APR were initiated/adjudicated by the Specified Officer. 6.

tion report. Pursuant thereto, verification proceedings were conducted and Show Cause Notice proceedings relating to delay in submission of APR were initiated/adjudicated by the Specified Officer. 6. Contradictory / inconsistent information noticed during scrutiny of records - Requests for submission of verification report/details were issued vide letters/e-mails dated 15.01.2025, 03.09.2025, 10.02.2026 and 17.04.2026. Upon examination of the verification report submitted by the Specified Officer, certain details furnished therein appear contradictory and inconsistent with the available office records. 7. Other irregularities noticed from office records - Despite issuance of deficiency letter in connection with renewal of LOA, the Unit failed to furnish the requisite clarification/documents sought by this office. Instead, the Unit directly sought Final Exit from the SEZ Scheme vide application dated 17.10.2024. The continued non-achievement of export obligations, failure to comply with renewal requirements, delay in statutory filings and inconsistencies observed in submissions indicate persistent non-compliance with the provisions of the SEZ Act, 2005, SEZ Rules, 2006 and conditions stipulated in the LOA.

e. Recommendation: APRs submitted by the unit for the F.Y. 2017-18 to 2023-24. The unit has achieved Positive NFE on cumulative basis during the years 2017-18 to F.Y. 2023-24 as per S.O. report. Recommended to Approval Committee for monitoring as per Rule 54 of SEZ Rules, 2006.

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