Minutes of Approval Committee meeting held on 29.05.2023. — 02-festus-sez

Minutes of the 62nd Meeting of the Approval Committee for Sector Specific Special Economic Zone of M/s. Festus Properties Pvt. Ltd. - SEZ, at Powai, Mumbai, under the Chairmanship of Development Commissioner, SEEPZ-SEZ held on 29.05.2023 on Video Conferencing through Cisco WEBEX application.

1. Name of the SEZ                                                               :    M/s. Festus Properties Pvt. Ltd. 
2. Sector                                                                                :     IT/ITES
3. Meeting no                                                                       :     62nd               
4. Date                                                                                   :     29.05.2023
 
Members Present: 
Sr.
No.
Name of Members
Designation
Organization
1
Shri. C. P. S. Chauhan
Jt. Development 
Commissioner,
SEEPZ-SEZ.
2
Shri. Harmesh Lal
Joint Commissioner 
Income Tax
Nominee of Income Tax office, Kautilya Bhawan, 
Bandra, Mumbai.
3
Shri. Himanshu Dhar 
Pandey
Deputy. Director DGFT
Nominee of the DGFT, Mumbai.
4
Smt. Kirti Deshmukh
Deputy Director 
Industries
Nominee of Directorate of Industries, Mumbai.
5
Shri. M. Prabhakar
Asstt. Commissioner, 
Customs
Nominee of Commissioner of Customs, General, 
Air Cargo, Sahar.
                                                                        
Special Invitee:-
                Shri. Anil Chaudhary                                   :    Specified Officer, Festus-SEZ.
                                                                                                                
 
               
                Shri. Hanish Rathi, ADC (New SEZ), Shri. Haresh K. Dahilkar, ADC (New SEZ); Shri Palash
Shankar, ADC (New SEZ); Smt. Rekha Nair, Assistant,  Shri G.S. Bhandari Assistant and Shri. Ravindra
Kumar, Assistant also attended for assistance and smooth functioning of the meeting. 
  
Agenda Item No. 01: Confirmation of Minutes of the 61st meeting held on 31.03.2023.
-----------------------------
     The Minutes of the 61st Meeting held on 31.03.2023 were confirmed with consensus.
Agenda 
 
 Item No. 02:
 
   Application for w.r.t. Change in Shareholding Pattern of the Company – ERGO
Technology and Services Private Limited.
 
                The unit requested for approval w.r.t Change in Shareholding Pattern of the company and
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submitted all relevant documents. The details of Shareholding Pattern of the company are as under:
SHAREHOLDING PATTERN AND BREAKUP BEFORE:-
S. No
Particulars
Amount (In Rs.) (Before)
Amount (In Rs.) (After)
1
Authorized Capital
80,00,00,000
180,00,00,000
2
Subscribed Capital
78,00,00,000
122,60,00,000
3
Paid Up Capital
78,00,00,000
122,60,00,000
 
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Sr.
No
Name of the Shareholders
Existing Shareholding
Pattern
New Shareholding Pattern after allotment
of shares by way of right issue
 
No of Shares
%
No of Shares
%
1
ERGO Technology & Services
Management AG
  77,99,999
99.99
1,22,59,999
99.99
2
ERGO International AG
01
0.01
1
0.01
 
TOTAL
78,00,000
100
122,60,000
100
 
•
There is a Change in Shareholding Pattern. 
 
List of Directors:-
Sr. No
Board of Directors before change in the
shareholding
Board of Directors after change in the
shareholding
1
Bernhard Steinruecke
Bernhard Steinruecke
2
Pramod Kumar Agarwal
Pramod Kumar Agarwal
3
Mehmood Hasan Mansoori
Mehmood Hasan Mansoori
 
•
There is No Change in Composition of Board of Directors. 
 
Decision:- After deliberations, the Committee  approved the proposal of  M/s.  ERGO Technology and
Services Private Limited for Change in Shareholding Pattern of the company as indicated above in terms of
Instruction No. 109 dated 18.10.2021. Further, the Committee also directed the Unit to comply with the
following safeguards in terms of Instruction No. 109, dated 18.10.2021:
1.  Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the
altered entity. 
2.   Fulfillment of all eligibility criteria applicable, including security clearances etc, by the altered
entity and its constituents. 
3. Applicability of and compliance with all Revenue/Company Affairs/SEBI etc. Acts/Rules which
regulate issues like capital gains, equity change, transfer, taxability etc. 
4.  Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in
ownership etc. shall be furnished immediately to Member (IT&R), CBDT, Department of Revenue and
to the jurisdictional Authority. 
5.  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.
6. The applicant shall comply with relevant State Government laws, including those relating to lease of
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land, as applicable. 
7.  The applicant shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT.
8.  The applicant shall be recognized by the new name or such arrangement in all the records.
        
               Meeting ended with the vote of thanks to the Chair. 
 
 
                                                                                                                         
       Chairperson-cum-     
                                                                                                               
                Development Commissioner
 
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