Minutes of Approval Committee meeting held on 23.08.2023 — 03-mindsapce-sez

Minutes of 120th Meeting of the Approval Committee for Sector Specific Special Economic Zone of M/s. Mindspace Business Parks Pvt. Ltd. - SEZ, Airoli, Navi Mumbai, under the Chairmanship of Development Commissioner, SEEPZ-SEZ held on 23.08.2023 through Video Conferencing.

1. Name of the SEZ
:
M/s. Mindspace Business Parks Pvt. Ltd.
2. Sector
:
IT/ITES
3. Meeting no
:
120th
4. Date
:
23.08.2023
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.
Sandeep
Kumar
Superintendent
of
Customs
Nominee
of
Commissioner
of
Customs, General, Air Cargo, Sahar.
Special Invitee:-
Shri. R.K. Jain
:
Specified Officer, Mindspace-SEZ.
Shri. Palash Shankar, ADC (New SEZ), Shri. Haresh K. Dahilkar, ADC (New SEZ);
Shri Manish Kumar, ADC (New SEZ); Smt. Bridget Joe, EA to Development Commissioner
(SEEPZ-SEZ), Smt. Rekha Nair Assistant, Shri G.S. Bhandari Assistant, Shri. Ravindra
Kumar, Assistant and Rajesh Kumar UDC also attended for assistance and smooth
functioning of the meeting.
Agenda Item No. 01: Confirmation of Minutes of the 119th meeting held on 28.07.2023.
-----------------------------
The Minutes of the 119th Meeting held on 28.07.2023 were confirmed with consensus.
Agenda Item No. 02 : Application of M/s. Inventurus Knowledge Solutions Limited for
File No.SEZ1-14011/6/2021-NS

addition of location in the existing Letter of Approval with revision in projections.
The unit has requested for approval of additional location admeasuring to 54,224 Sq.
ft. at Unit No.102, 1st Floor, Building No.5 & 6, Mindspace Business Parks Pvt. Ltd.-SEZ,
Thane Belapur Road, Airoli, Navi Mumbai- 400708 with revision in projections for 5 years.
Decision:- After deliberation, the Committee approved the proposal of M/s. Inventurus
Knowledge Solutions Limited for revision in projection for 5 years from 2022-23 to 2026-27
on addition of location admeasuring 54,224 Sq. ft. at Unit No.102, 1st Floor, Building No.5
& 6, Mindspace Business Parks Pvt. Ltd.-SEZ, Thane Belapur Road, Airoli, Navi Mumbai-
400708.in terms of Rule 19 (2) of SEZ Rules 2006.
Agenda Item No. 03 : Approval w.r.t. Change in Shareholding Pattern and Change in
Board of Directors of the company M/s. Course5 Intelligence Private Limited (LOA-49).
The unit requested for approval w.r.t. change in shareholding pattern and
change in Directors of the company and submitted all relevant documents. The details
of shareholding pattern and change in Directors of the company is as under:
. Change in shareholding pattern of the company:
Sr.
No.
Name of the Shareholders
Existing Shareholding
Pattern
Proposed Shareholding
Pattern
No. of Shares
%
No. of Shares
%
1
Riddhymic
Technologies
Private Limited
1,87,01,552
18.99
1,87,01,552
18.99
2
Ashwin Mittal
92,05,798
9.35
1,52,64,174
15.50
3
Riddhymic Technoserce LLP
2,76,12,753
28.05
2,48,35,899
25.23
4
AM Family Private Trust
1,93,49,094
19.65
1,18,49,094
12.03
5
Sheila Mittal
8
0.00
8
0.00
6
Ramesh Mittal
8
0.00
8
0.00
7
Ria Mittal
20,00,000
2.03
20,00,000
2.03
8
Kumar Mehta
2,04,36,387
20.76
1,90,24,732
19.32
9
Anees Merchant
3,49,157
0.35
2,78,356
0.28
10 Aejit Sankar
3,49,157
0.35
3,49,157
0.35
11 Prashant Bhatt
87,286
0.09
87,286
0.09
12 Suchitra Eswaran
174578
0.18
1,74,578
0.18
13 Farid Kazani
1,90,000
0.19
1,90,000
0.19
14 360 One Special Opportunities
Fund Series 8
-
-
14,16,029
1.44
15 360 One Monopolistic Market
Intermediaries fund
-
-
8,49,618
0.86

16 Nuvama
Crossover
Opportunities fund-Series III
-
-
7,77,909
0.79
17 Nuvama
Crossover
Opportunities fund- Series IIIA
-
-
5,86,802
0.60
18 Nuvama
Crossover
Opportunities fund-Series IIB
-
-
5,04,447
0.51
19 360 ONE Large Value Fund-
Series 2
-
-
56,641
0.06
20 360 ONE Large Value Fund-
Series 4
-
-
33,984
0.03
21 360 ONE Large Value Fund-
Series 10
-
-
1,35,939
0.14
22 360 ONE Large Value Series
11
-
-
56,641
0.06
23 360 ONE Large Value Series
12
-
-
56,641
0.06
24 Carnelian Asset Management
LLP
-
-
4,71,979
0.48
25 Carnelian
Structural
Shift
Fund (AIF Scheme)
-
-
3,25,106
0.33
26 Elpro International Limited
-
-
1,53,285
0.16
27 Alufit India Private Limited
-
-
1,53,285
0.16
28 Aziza Malik Family Trust
-
-
61,314
0.06
29 Monika Garware
-
-
61,314
0.06
Total
9,82,65,778
100.00
9,84,55,778
100.00
•
Compulsory Convertible Preference Shares
No. of Shares
%
1 360 One Special Opportunities Fund Series 8
67,58,496
29.62
2 360 One Monopolistic Market Intermediaries fund
40,55,097
17.77
3 Nuvama Crossover Opportunities fund-Series III
37,12,848
16.27
4 Nuvama Crossover Opportunities fund – Series IIIA
28,00,721
12.27
5 Nuvama Crossover Opportunities fund – Series
24,07,647
10.55
6 360 ONE Large Value Fund – Series 2
2,70,340
1.18
7 360 ONE Large Value Fund – Series 4
1,62,204
0.71
8 360 ONE Large Value Fund – Series 10
6,48,816
2.84
9 360 ONE Large Value Fund – Series 11
2,70,340
1.18
10 360 ONE Large Value Fund – Series 12
4,39,624
1.93
11 Carnelian Asset Management LLP
5,09,269
2.23
12 Carnelian Structural Shift Fund
1,82,479
0.80
13 Elpro International Limited
1,82,479
0.80
14 Alufit India Private Limited
1,82,479
0.80
15 Aziza Malik Family Trust
72,991
0.32
16 Monika Garware
72,991
0.32
Total
2,28,16,682
100
. Change in Board of Directors :

Sr.
No.
Existing list of Change of Board
of Directors
Status
List of Change of Board of
Directors
Status
1.
Ashwin Mittal
No
Change
Ashwin Mittal
No Change
2.
Ramesh Mittal
No
Change
Ramesh Mittal
No Change
3.
Sheila Mittal
No
Change
Sheila Mittal
No Change
4.
Vinati Saraf Mutreja
No
Change
Vinati Saraf Mutreja
No Change
5.
Simpn Chadwick
No
Change
Simpn Chadwick
No Change
6.
Vikas Khemani
Resigned
Chetan Naik
Appointed
7.
Anupam Mittal
Resigned
Pranav Parikh
Appointed
8
Kumar Mehta
Appointed
9
Kartik Badiani
Appointed
The unit representative had stated that, due to technical issues with ROC website,
forms are in process of filing for appointment of Shri. Kumar Mehta, Shri. Chetan Naik
and Shri. Pranav Parikh and on filing with ROC, they will submit the said documents.
Decision:- After deliberations, the Committee approved the proposal of M/s. Course5
Intelligence Private Limited (LOA-49) for approval w.r.t. change in shareholding pattern
as indicated above in terms of Instruction No. 109 dated 18.10.2021 and directed that
the proposal for Change in the Directors will be subject to compliance of following
documents/details:-
1. Copy of ROC
2. Form DIR 12 (i.e. Appointment of Mr. Chetan Naik, Mr. Pranav
Parikh and Mr. Kumar Mehta.)
Further, the Committee also directed the Unit to comply with the following
safeguards in terms of Instruction No. 109, dated 18.10.2021 for Change in the
shareholding pattern :
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 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.
Agenda Item No. 04 : Approval w.r.t. Change in Shareholding Pattern and Change in
Board of Directors of the company M/s. Course5 Intelligence Private Limited (LOA-55).
The unit requested for approval w.r.t. change in shareholding pattern and
change in Directors of the company and submitted all relevant documents. The details
of shareholding pattern and change in Directors of the company is as under:
. Change in shareholding pattern of the company:
Sr.
No.
Name of the Shareholders
Existing Shareholding
Pattern
Proposed Shareholding
Pattern
No. of Shares
%
No. of Shares
%
1
Riddhymic
Technologies
Private Limited
1,87,01,552
18.99
1,87,01,552
18.99
2
Ashwin Mittal
92,05,798
9.35
1,52,64,174
15.50
3
Riddhymic Technoserce LLP
2,76,12,753
28.05
2,48,35,899
25.23
4
AM Family Private Trust
1,93,49,094
19.65
1,18,49,094
12.03
5
Sheila Mittal
8
0.00
8
0.00
6
Ramesh Mittal
8
0.00
8
0.00
7
Ria Mittal
20,00,000
2.03
20,00,000
2.03
8
Kumar Mehta
2,04,36,387
20.76
1,90,24,732
19.32
9
Anees Merchant
3,49,157
0.35
2,78,356
0.28

10 Aejit Sankar
3,49,157
0.35
3,49,157
0.35
11 Prashant Bhatt
87,286
0.09
87,286
0.09
12 Suchitra Eswaran
174578
0.18
1,74,578
0.18
13 Farid Kazani
1,90,000
0.19
1,90,000
0.19
14 360 One Special Opportunities
Fund Series 8
-
-
14,16,029
1.44
15 360 One Monopolistic Market
Intermediaries fund
-
-
8,49,618
0.86
16 Nuvama
Crossover
Opportunities fund-Series III
-
-
7,77,909
0.79
17 Nuvama
Crossover
Opportunities fund- Series IIIA
-
-
5,86,802
0.60
18 Nuvama
Crossover
Opportunities fund-Series IIB
-
-
5,04,447
0.51
19 360 ONE Large Value Fund-
Series 2
-
-
56,641
0.06
20 360 ONE Large Value Fund-
Series 4
-
-
33,984
0.03
21 360 ONE Large Value Fund-
Series 10
-
-
1,35,939
0.14
22 360 ONE Large Value Series
11
-
-
56,641
0.06
23 360 ONE Large Value Series
12
-
-
56,641
0.06
24 Carnelian Asset Management
LLP
-
-
4,71,979
0.48
25 Carnelian
Structural
Shift
Fund (AIF Scheme)
-
-
3,25,106
0.33
26 Elpro International Limited
-
-
1,53,285
0.16
27 Alufit India Private Limited
-
-
1,53,285
0.16
28 Aziza Malik Family Trust
-
-
61,314
0.06
29 Monika Garware
-
-
61,314
0.06
Total
9,82,65,778
100.00
9,84,55,778
100.00
•
Compulsory Convertible Preference Shares
No. of Shares
%
1 360 One Special Opportunities Fund Series 8
67,58,496
29.62
2 360 One Monopolistic Market Intermediaries fund
40,55,097
17.77
3 Nuvama Crossover Opportunities fund-Series III
37,12,848
16.27
4 Nuvama Crossover Opportunities fund – Series IIIA
28,00,721
12.27
5 Nuvama Crossover Opportunities fund – Series
24,07,647
10.55
6 360 ONE Large Value Fund – Series 2
2,70,340
1.18
7 360 ONE Large Value Fund – Series 4
1,62,204
0.71
8 360 ONE Large Value Fund – Series 10
6,48,816
2.84
9 360 ONE Large Value Fund – Series 11
2,70,340
1.18
10 360 ONE Large Value Fund – Series 12
4,39,624
1.93
11 Carnelian Asset Management LLP
5,09,269
2.23
12 Carnelian Structural Shift Fund
1,82,479
0.80

13 Elpro International Limited
1,82,479
0.80
14 Alufit India Private Limited
1,82,479
0.80
15 Aziza Malik Family Trust
72,991
0.32
16 Monika Garware
72,991
0.32
Total
2,28,16,682
100
. Change in Board of Directors :
Sr.
No.
Existing list of Change of Board
of Directors
Status
List of Change of Board of
Directors
Status
1.
Ashwin Mittal
No
Change
Ashwin Mittal
No Change
2.
Ramesh Mittal
No
Change
Ramesh Mittal
No Change
3.
Sheila Mittal
No
Change
Sheila Mittal
No Change
4.
Vinati Saraf Mutreja
No
Change
Vinati Saraf Mutreja
No Change
5.
Simpn Chadwick
No
Change
Simpn Chadwick
No Change
6.
Vikas Khemani
Resigned
Chetan Naik
Appointed
7.
Anupam Mittal
Resigned
Pranav Parikh
Appointed
8
Kumar Mehta
Appointed
9
Kartik Badiani
Appointed
The unit representative had stated that, due to technical issues with ROC website,
forms are in process of filing for appointment of Shri. Kumar Mehta, Shri. Chetan Naik
and Shri. Pranav Parikh and on filing with ROC, they will submit the said documents.
Decision:- After deliberations, the Committee approved the proposal of M/s. Course5
1. Copy of ROC
2. Form DIR 12 (i.e. Appointment of Mr. Chetan Naik, Mr. Pranav Parikh and Mr.
Kumar Mehta.)
Further, the Committee also directed the Unit to comply with the following
safeguards in terms of Instruction No. 109, dated 18.10.2021 for Change in the
shareholding pattern :
Intelligence Private Limited (LOA-55) for approval w.r.t. change in shareholding pattern
as indicated above in terms of Instruction No. 109 dated 18.10.2021 and directed that
the proposal for Change in the Directors will be subject to compliance of following
documents/details:-

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 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.
(Rajesh Kumar Mishra, IRS)
Chairperson-cum-
Development Commissioner,
SEEPZ-SEZ