Minutes of Approval Committee meeting for SEZ Pune Cluster held on 09 February 2024. — 09-syntel-minutes

File No.S-SEZ-MINSOSIPL/1/2023-JDCP 178332024 Minutes of the 480 Meeting of the Approval Committee held under the Chairmanship of Zonal Development Commissioner SEEPZ-SEZ for Sector Specific Special Economic Zone for IT-ITES of M/s. Syntel International Pvt. Ltd., Pune held on 09.02.2024 via video conference. 1 |Name of the SEZ IM/s. Syntel International Pvt. Ltd., Pune. 2 Sector [T-ITES 3 |Meeting No. 4gth 4 [Date 09.02.2024 Members present Sr Name and Designation Department (S/Shri.) 1 |Smt. Mital Hiremath oint Development Commissioner Pune Cluster SEZ, Pune 2 |Smt. Bharati Ahuja, Assistant Commissioner, Income Tax INominee of Income Tax, Pune 3 |Dr. Dileeraj Dabhole, Deputy DGFT INominee of DGFT, Pune 4 (Smt. Leena Nair uperintendent,Customs INominee of Customs, Pune Special Invitee Sr |Name and Designation 1 hri Shambhu Dayal Meena, Specified Officer Agenda Item No.01: Confirmation of Minutes of the 47th meeting held on 05.12.2023. The Committee, after deliberation, confirmed the minutes of the 47 th meeting of the Approval Committee held on 05.12.2023. Agenda Item No.02: Monitoring of Performance in r/o M/s State Street Syntel Services Pvt Ltd. The performance of the unit for 5 years of 3° Block period {i.e., FY 2018-19 to 2022-23) was placed before the Committee for Monitoring purpose. After deliberation, the Approval committee noted the performance of M/s Syntel Pvt Ltd for the 5 years of 3° Block period, i.e., FY 2018-19 to 2022-23 in terms of Rule 54 of SEZ Rules, 2006. « The Unit has achieved export revenue of Rs. 689.22 Crores as against projected export of Rs 341.95 Crores 1.6. 201.55 % and has achieved positive cumulative NFE of Rs 634.46 crores ie. 92.06% in the 3° Block

= 1/3833/2024 File No.S-SEZ-MINSOSIPL/1/2023-JDCP | | | period i.e. during the FY 2018-19 to FY 2022-23. | The Committee observed that the unit has provided services in DTA against the | payments received in INR as detailed below: Year DTA Sale in INR Amount in Crores 2018-19 0.9178 | 2019-20 0.3392 2020-21 0.1572 | 2021-22 0.3778 | Total 2.1698 Since providing of “Services” in DTA against INR does not qualify as ‘Services’ as per definition given in Section 2(z) of the SEZ Act, 2005, Unit has violated the provisions of SEZ Act & Rules and hence Committee after deliberation, directed to initiate action against the unit and to issue Show Cause Notice for violation of various provision of SEZ Act / Rules and under Foreign Trade (Development and Regulation) Act, 1992. The Committee also directed the Unit to complete filing of pending SOFTEX by 31.03.2024. Meeting ended with a vote of thanks to the Chair. Leo (Rajesh Kumar \shra, IRS) Chairman-cum-Development Commissioner