IN FORCE SEZ / EOU / FTWZ 2022-02-24

Minutes of the Approval Committee meeting of SEEPZ-SEZ held on 24.02.2022

Document text

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MINUTES OF THE MEETING OF THE APPROVAL COMMITTEE FOR SEEPZ SEZ HELD UNDER THE CHAIRMANSHIP OF DEVELOPMENT COMMISSIONER ON Qqth February, 2022 THROUGH VIDEO CONFERENCING.

Name of the SEZ : SEEPZ-SEZ 2. Meeting No. 160% 3. Date : 24th February, 2022 Members Present: 1. Shri. C. P. S. Chauhan : Member Jt. Development Commissioner SEEPZ-SEZ 2. Shri. Dilip K Shah : Nominee of Income Tax Office, Kautilya, Joint Commissioner Income Tax Bhawan, Bandra, Mumbai 3. Shri. D. T. Parate ‘ Nominee of the DGFT, Mumbai Dy. DGFT 4. Shri. MahendraRathod ; Nominee of Commissioner of Customs, Asstt. Commissioner, Customs Air Cargo, Sahar. 5. Shri.T.N.Khandekar : Nominee of Directorate of Industries, Dy. Director Mumbai 6. Shri. IndrajeetDeshmukh : Nominee of MPCB, Mumbai. Field Officer Special Invitee:-
Shri. Anil Chaudhary, Specified Officer, SEEPZ SEZ

Shri.Praveen Kumar, Sr. Authorized Officer/ADC I/C, Smt. Bridget Joe, EA to DC Smt. Rekha Nair, Assistant and Shri. Rajesh Kumar, UDC, also attended for assistance and smooth functioning of the meeting. Agenda Item No. 01:-

Confirmation of the Minutes of the 159** Meeting held on 31.01.2022

The Minutes of the meeting held on 31.01.2022 were confirmed with consensus. Agenda Item No. 02 :- Application for Merger of LOA of M/s. KBS Creation Unit-II into M/s. KBS Creation Unit-I and projection for remaining period of 4 years on merger

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The unit had submitted the application for merger of LOA and projection for remaining period of 4 years on merger of the company:-

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----- Start of picture text ----- UnitLocation nit No. 167, 18t Floor SDF-VI, & Unit No.|Unit No. 002, Multistoried 178, Unit No. 179, Unit No. 182 Basement|Building No. 6, SDF-VI, & Unit No. G-12, Gems & ewellery Complex-Il 71 Sq.mtr q.mtr q.mtr isq.mtr q.mtr q.mtr q.mtr dated 19.12.2005 as amended 4/2007-08/2521 dated 25.03.2008 as amended manufacture ilver and Platinum & Platinum Jewellery etc. ----- End of picture text -----

On merger of Unit-II into I the projections proposed for 4 years are :

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----- Start of picture text ----- 2022-23 to 2025-26 Pare [ [RsinLakhs] remaining period[ of4 US000__|years i.e. i ieieieges i —tpotofMechinery|SSCSOB nused/used, new broken jewellery goods S[mport of Spares & Consumables | —S49[ 1885.97 collaborates =esforeign a a ee: Mee: chess ne: Ae ee TO: Parent SDrasinoffori g teesntnchaidans TSC| a] Sa iPayment on taining ofIndian tech. abroad [08442 i pain emert = S| igia hoesSC Teel fa fmountofinersttbepadonece_——=SSCSSSS~dSC*‘“‘(C;C*‘Cepotiespeyment [S|| nT RFEL-1CSCSC~SCSCSCSSCSSCSCSCSC«S860.48, 789.60 Decision:-After deliberation, the Committee approved the proposal for Merger of LOA of M/s. KBS Creation Unit-II into M/s. KBS Creation Unit-I and projection for the remaining period of 4 years i.e. 2022-23 to 2025-26 in terms of Instruction no 109 dated 18 October, 2021 subject to following conditions ----- End of picture text -----

Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered entity;
Fulfilment of all eligibility criteria applicable, including security clearances etc., by the altered entity and its constituents;
Applicability of and compliance with all Revenue/Company Affairs / SEBI etc. Acts/Rules which regulate issues like capital gains, equity change, transfer, taxability etc.
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.
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.
The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable.
The applicant shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT.

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The applicant shall be recognized by the new name or such arrangement in all the records.

Agenda Item No. 03 :- Application for Change of Company Name with Change in the Directors and Shareholding Pattern of M/s. Anchorcert Analytical India Pvt Ltd.

|Theunithad submitted the application for Change ofCompanyName from<br>M/s. Anchorcert Analytical India Pvt. Ltd. to M/s. Ashir Services Pvt. Ltd. with<br>Change inthe Directors and Shareholding Pattern as detailed below :-|
|---|
|Proposed listofDirectors ason 20.11.2021<br>(M/s. Ashir Services Pvt. Ltd.)<br>Name<br>—~—~—C—SCSS=«Céesignations<br>Mr, HitenBagmal Pariich<br>Director<br>Mr.Aalap MilanParilch<br>Director<br>SSCS|
|¢<br>List ofShareholding Pattern :-|
|ExistingShareholdingPattern ason<br>ProposedShareholdingPattern ason<br>11.08.2021<br>12.08.2021<br>(M/s. AnchorchetAnalytical (i) Pvt.<br>(M/s.AshirServices Pvt. Ltd.)|
|Ltd.)<br>Name of<br>No. of<br>%<br>Name of<br>No. of<br>%<br>Shareholder<br>Shares<br>Shareholder<br>Shares<br>Birmingham<br>14,574,999 99.99993138<br>|Ashir<br>14,574,999 99.99993138<br>Assay Office<br>Manufacturing<br>[LLP|
|Mr. Doug<br>1<br>0.000006862<br>|Uni-Design<br>1<br>0.000006862<br>Henry<br>ewelleryHolding<br>ILLP<br>Total<br>fea575,00000<br>_—‘ffotal_——«8<br>57,5000|

Decision:- After deliberation the Committee approved the Change of name of the Unit from M/s. Anchorcert Analytical India Pvt. Ltd. to M/s. Ashir Services Pvt. Ltd with change in the Directors and Shareholding pattern in terms of Instruction no 109 dated 188 October, 2021 subject to following conditions :-

a. Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered entity;

b. Fulfilment of all eligibility criteria applicable, including security clearances etc., by the altered entity and its constituents;

c. Applicability of and compliance with all Revenue/Company Affairs / SEBI etc. Acts/Rules which regulate issues like capital gains, equity change, transfer, taxability etc.

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d. 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. e. 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.

f. The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable.

g. The applicant shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT.

h. The applicant shall be recognized by the new name or such arrangement in all the records.

Agenda Item No. 04:- Application for Change of Entrepreneurship and transfer of assets and liabilities of M/s. Saunay Jewels Pvt Ltd., M/s. Saunay Jewel Pvt. Ltd. had submitted the application for Change of Entrepreneurship and transfer of assets and liabilities from M/s. Saunay Jewels Pvt Ltd. into M/s. Immense Jewellery LLP. M/s. Immense Jewellery LLP had also explained their keen interest in taking over the assets and liabilities and carry out the business in the said Unit no. GJ-12, SFD-VII. The details of the Directors/Partners and shareholding patter are as under :

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----- Start of picture text ----- ¢ LIST OF DIRECTORS/PARTNERS :- M/s. Saunay Jewels Pvt Ltd M/s. Immense Jewellery LLP ee Mr.Krishnendu Pashupatinath| Director |Mr. Shrenikkumar Nanalal| Partner Chatterjee hah Mr.Anuj Chatterjee Director Mr. Nishith Mahendra|Partner Kumar Shah ----- End of picture text -----

It is seen from the above that there is Change in the Directors / Partners.

DETAILS OF SHAREHOLDING PATTERN i.r.o. M/S. SAUNAY JEWELS PVT. LTD.

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Name of the Director As on 31.03.2021 Mr. Krishnendu Pashupatinath Chatterjee 468,500 4,685,000.00 Mr. Anuj Chatterjee 152,500 24.56% | 1,525,000.00

PROFIT SHARING RATIO OF PARTNERS OF M/S. IMMENSE JEWELLERY

LLP

Shrenikkumar Nanalal Shah 50.00 % Nishith Mehendra Kumar Shah 50.00 %

Proposed projection on taking over of assets & liabilities by M/s. IMMENSE JEWELLERY LLP:

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----- Start of picture text ----- = a No. . 2022-23 to 2024-25 (1US$=Rs. 75.35/-) i FobveCSCSC~C~“~SCSCS*~—~CSSYYSCC*tapas FO tO 218.9 etennremelting, [royalty][ &] a [repairing] Oe a ollaborates . ee ee ee ee Se i. tCeeea 0.iribienPayment of foreign technicians SCSSCSSS fT Paymenttoon tra i ning ofIndian tech abroad —S«d| | ia fmount ofinterettobepadonecs CSC Se ae Os 7 RFE_SCSCSCSSSSCSSCCSCSSCS (17) |. 852.6 Decision:-After deliberation, the Committee in principle, approved the proposal for taking over of assets and liabilities of M/s. Saunay Jewels (P) Ltd. by M/s. Immense Jewellery LLP and approved the projections for 3 years 2022-23 to 2024-25 subject to the exit of M/s. Saunay Jewels. The Committee also directed M/s. Saunay Jewels to comply with Rule 74 read with Rule 74A of SEZ Rules 2006 for Exit. ----- End of picture text -----

AgendaItem No. 05 :- Monitoring of Performance-M /s. Shri Raj Jewels

The unit had submitted the APR for the period 2019-20 duly certified by Chartered Accountant. The export and import data for the period 2019-20 was retrieved from NSDL for cross verification with data submitted by them in the APR and same is found satisfactory.

Decision :- After deliberation, the Committee noted the performance of the unit for the period 2019-20, as the unit has achieved positive NFE in terms of Rule 54 of SEZ Rules, 2006.

Agenda Item No. 06 :- Action proposed against the Unit M/s Shri Raj Jewels, under Rule 54 (2) of the SEZ Rules, 2006 for violation of Section 30 (a) of the SEZ Act, 2005 and Rule 22, Rule 34, Rule 36, Rule 47 (1) & Rule 48 of the SEZ Rules, 2006.

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The Committee noted that Representative of M/s. Shri Raj Jewels was carrying the goods without any documents/permission and without payment of customs duty thereby violating Rule 34 of SEZ Rules 2006.

Decision:- After deliberation, the Committee directed the Specified Officer to initiate the process for action against the Unit, under FT(D&R) Act 1992 for violation of provisions of Section 30 (a) of the SEZ Act, 20054 and Rule 22, Rule 34, Rule 36, Rule 47 (1) & Rule 48 of the SEZ Rules, 2006.

Agenda Item No. 07:- Monitoring of Performance-M/s. Indus Valley Partners

(India) Pvt Ltd.,

Decision :- After deliberation, the Committee noted the performance of the unit for the period 2019-20, as the unit has achieved positive NFE in terms of Rule 54 of SEZ Rules, 2006.

Agenda Item No. 08:-Monitoring of Performance-M/s. Media. Net Software Services India Put Ltd.

The unit had submitted the APR for the period 2019-20 & 2020-21 duly certified by Chartered Accountant. The export and import data for the period 201920 & 2020-21 was retrieved from NSDL for cross verification with data submitted by them in the APR and same is found satisfactory.

Decision :- After deliberation, the Committee noted the performance of the unit for the period 2019-20 & 2020-21, as the unit has achieved positive NFE in terms of Rule 54 of SEZ Rules, 2006.

Agenda Item No. 09:- Monitoring of Performance-M/s. Micro Components

The unit had submitted the APR for the period 2020-21 duly certified by Chartered Accountant. The export and import data for the period 2020-21 was retrieved from NSDL for cross verification with data submitted by them in the APR and same is found satisfactory.

Decision :- After deliberation, the Committee noted the performance of the unit for the period 2020-21, as the unit has achieved positive NFE in terms of Rule 54 of SEZ Rules, 2006.

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Agenda Item No. 10:- Action proposed against the Unit M/s. Omega Products Private Limited. under Rule 54 (2) of the SEZ Rules, 2006 for violation of Section 30 (a) of the SEZ Act, 2005 and Rule 22, Rule 34, Rule 36, Rule 47 (1) & Rule 48 of the SEZ Rules, 2006.

The Committee noted that the description of goods mentioned in DTA sale documents was not in line with the goods physically found thereby resulted in misdeclaration and violating Rule 34 of SEZ Rules 2006. }

Decision:- After deliberation, the Committee directed the Specified Officer to initiate the process for action against the Unit, under FTDR Act for violation of provisions of Section3O (a) of the SEZ Act, 20054 and Rule 22, Rule 34, Rule 36, Rule 47 (1) & Rule 48 of the SEZ Rules, 2006.

Signed by Shri. Shyam Jagannathan Date: 02-03-2022 21:11:28 ChairpEtsuaseim-Developmest Commissioner

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