IN FORCE SEZ / EOU / FTWZ 2022-03-30

Minutes of the Approval Committee meeting of SEEPZ-SEZ held on 30.03.2022

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  1. Name of the SEZ : SEEPZ-SEZ

  2. Meeting No. : 161st

  3. Date : 30thMarch, 2022 Members Present:

  4. Shri. C. P. S. Chauhan : Member Jt. Development Commissioner, SEEPZ-SEZ

  5. Shri. D. T. Parate : Nominee of the DGFT, Mumbai Dy. DGFT

  6. Smt. Kirti Deshmukh
    : Nominee of Directorate of Industries,
    Dy. Director Mumbai

  7. Shri. Kirit Gandhi : Nominee of Commissioner of Customs,
    Asstt. Commissioner, Customs Air Cargo, Sahar

  8. Shri. Indrajeet Deshmukh : Nominee of MPCB, Mumbai.
    Field Officer Special Invitee:-

Shri. Anil Chaudhary, Specified Officer, SEEPZ SEZ Shri. Praveen Kumar, Sr. Authorised Officer/ADC I/c (SEEPZ SEZ), Shri. Anil Kaushal, Sr. Authorised Officer/ADC I/c (EOU SEZ), Smt. Bridget Joe, EA to DC (New SEZ), 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 160th Meeting held on 24.02.2022 The Minutes of the meeting held on 24.02.2022 were confirmed with consensus. . File No.S-SEZ-11/11/2021-SEEPZ-SEZ MINUTES OF THE MEETING OF THE APPROVAL COMMITTEE FOR SEEPZ SEZ HELD UNDER THE CHAIRMANSHIP OF DEVELOPMENT COMMISSIONER ON 30th March, 2022 THROUGH VIDEO CONFERENCING.

117821/2022/SEZ 489

Agenda Item No. 02 :-Application for Change in Shareholding Pattern of M/s. Infinix Services Pvt Ltd. (LOA-513) The unit had submitted the application for Change in Shareholding Pattern of the Company Decision : After deliberation, the Committee approved the proposal of the unit for Change in Shareholding Pattern of M/s. Infinix Services Pvt Ltd in terms of MOC&I Instruction No. 109 dated 18th October, 2021. The details of change in Shareholding Pattern are as under: List of

Pre-Acquisition

Shareholding Pattern

Sr No. Name of Shareholder No. of Equity Shares Shareholding % 1 Mrs. VeenaKumari Tandon 26,66,67 77.67 % 2 Tancom Electronics Pvt Ltd., 7,66,665 22.33 % Total 34,33,335 100% List of

Post-Acquisition

Sr No. Name of Shareholder No. of Equity Shares Shareholding % 1 Mrs. Veena Kumari Tandon 28,01,670 59.90 % 2 Mr. Gauri Tandon 1,91,700 4.10 % 3 Mrs. Priya Tandon 1,91,700 4.10 % 4 Tancom Electronics Pvt Ltd., 2,48,265 5.30 % 5 Norwest Capital, LLC 12,43,962 26.60 % Total 46,77,297 100% **There is a Change in the Shareholding pattern. LIST OF DIRECTORS Sr. No. List of Directors before Change in List of Directors after Change in Name of Director Designa- tion DIN Name of Director Designa- tion DIN 1. Mr. Sandeep Tandon Director 0005455 3 Mr. Sandeep Tandon Director 00054553 2. Mr. Sudeep Tandon Director 0221465 7 Mr. Sudeep Tandon Director 02214657 3. Mr. Vikram Chopra Director 00311827 Mr. Vikram Chopra Director 00311827 **No change in the Directors 117821/2022/SEZ 490

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 ownerships 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. 03 :-Application for Change in Shareholding Pattern of M/s. Infinix Services Pvt Ltd. (LOA-18) The unit had submitted the application for Change in Shareholding Pattern of the Company Decision : After deliberation, the Committee approved the proposal of the unit for Change in Shareholding Pattern of M/s. Infinix Services Pvt Ltd in terms of MOC&I Instruction No. 109 dated 18th October, 2021. The details of change in Shareholding Pattern are as under: 117821/2022/SEZ 491

List of

Pre-Acquisition

Sr No. Name of Shareholder No. of Equity Shares Shareholding % 1 Mrs. Veena Kumari Tandon 26,66,67 77.67 % 2 Tancom Electronics Pvt Ltd., 7,66,665 22.33 % Total 34,33,335 100% List of

Post-Acquisition

Sr No. Name of Shareholder No. of Equity Shares Shareholding % 1 Mrs. Veena Kumari Tandon 28,01,670 59.90 % 2 Mr. Gauri Tandon 1,91,700 4.10 % 3 Mrs. Priya Tandon 1,91,700 4.10 % 4 Tancom Electronics Pvt Ltd., 2,48,265 5.30 % 5 Norwest Capital, LLC 12,43,962 26.60 % Total 46,77,297 100% **Change in the Shareholding pattern. LIST OF DIRECTORS Sr. No. List of Directors before Change in List of Directors after Change in Name of Director Designa- tion DIN Name of Director Designa- tion DIN 1. Mr. Sandeep Tandon Director 0005455 3 Mr. Sandeep Tandon Director 00054553 2. Mr. Sudeep Tandon Director 0221465 7 Mr. Sudeep Tandon Director 02214657 3. Mr. Vikram Chopra Director 00311827 Mr. Vikram Chopra Director 00311827 **No change in the Directors 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. 117821/2022/SEZ 492

  4. Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownerships 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 :-Application for Changes in Shareholding Pattern of the Company of M/s. Navgrahaa Gems Pvt Ltd., The unit had submitted the application for Change in Shareholding Pattern of the Company:- Decision : After deliberation, the Committee approved the proposal of the unit for Changes in Shareholding Pattern of the Company of M/s. Navgrahaa Gems Pvt Ltd in terms of MOC&I Instruction No. 109 dated 18th October, 2021. The details of change in Shareholding Pattern are as under:
    List of

Pre-Acquisition

Sr No. Name of Shareholder No. of Equity Shares Shareholding % 1 Vastupal B. Jain 2,396 23.36 % 2 Anuj V. Madhani 3 Priyaj. V. Jain 2,396 23.36 % 4 Abhishek V. Jain 2,396 23.36 % 5 Veena V. Jain 2,396 23.36 % 6 Rishita P. Jain 139 1.39% 7 Roopkala B. Shah 138 1.38% Total 10,000 139 List of

Post-Acquisition

Sr No. Name of Shareholder No. of Equity Shares Shareholding % 1 M/s. Neve Jewels Ltd., 10,000 100% Total 10,000 100% 117821/2022/SEZ 493

** Change in the Shareholding pattern LIST OF DIRECTORS Sr. No. List of Directors before Change in List of Directors after Change in Name of Director Designa-tion Name of Director Designa-tion 1. Vastupal B. Jain Director Vastupal B. Jain Director 2. Anuj V. Madhani Director Anuj V. Madhani Director 3. Priyaj. V. Jain Director Priyaj. V. Jain Director 4. Abhishek V. Jain Director Abhishek V. Jain Director ** No change in the Directors 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 ownerships 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. 117821/2022/SEZ 494

Agenda Item No. 05 :- Application for Changes in Shareholding Pattern and Change of Directors of the Company-M/s. Thirdware Global Services The unit had submitted the application for Change in Shareholding Pattern and Change of Directors of the Company. Decision : After deliberation, the Committee approved the proposal of the unit for Changes in Shareholding Pattern of M/s. Thirdware Global Services in terms of MOC&I Instruction No. 109 dated 18th October, 2021. The details of change in Shareholding Pattern & change in Directors are as under: List of

Pre-Acquisition

) Sr. No. List of Shareholding Pattern (Pre- change) Number of shares %of shareholding 1 Shri. Pradeep Erinjery 16,07,300 34.192 % 2 Shri. Mohan Kirane 9,61,900 20.462 % 3 Shri. Shashikant Shah 5,95,700 12.672 % 4 Shri. Satish Menon 5,95,700 12.672 % 5 Shri. Manish Sharma 100 0.002 % 6 Shri. Pramod Erinjery 100 0.002 % 7 Ford Motor Pvt. Ltd. 9,40,000 19.997 % Total 47,00,800 100 List of

Post-Acquisition

Sr. No. List of Shareholding Pattern (Post-change) Number of shares %of shareholding
1 M/s. Tech Mahindra Ltd. 47,00,800 100 %

Total 47,00,800 100 LIST OF DIRECTORS 117821/2022/SEZ 495

Sr. No. List of Directors (Pre-change) List of Directors (Post) 1 Shri. Pradeep Erinjery, Director Post approval of the shareholding pattern they will appoint Directors and same will initiated to this office.

2 Shri. Mohan Kirane, Director 3 Shri. Grahan Creasey, Independent Director 4 Ms. Rashmi Joshi, Independent Director 5 Ms. Archana Singh, Independent Director 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 ownerships 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. 06 :- Application for Change of Company Name from M/s. Ruchira Diamjewels Pvt Ltd to M/s. Ashok Diamjewel Pvt. Ltd. 117821/2022/SEZ 496

M/s. Ruchira Diamjewels Pvt Ltd has submitted their application for change of name of the unit from M/s. Ruchira Diamjewel Pvt Ltd to M/s. Ashok Diamjewel Pvt. Ltd. and submitted all relevant documents.
Decision : After deliberation, the Committee approved the proposal of the unit for change of name from M/s. Ruchira Diamjewels Pvt Ltd to M/s. Ashok Diamjewel Pvt. Ltd in terms of MOC&I Instruction No. 109 dated 18th October, 2021. The details of Shareholding Pattern & list of Directors are as under: DETAILS OF SHAREHOLDING PATTERN BEFORE AND AFTER NAME CHANGE Name of the Shareholder Existing Shareholding Pattern New Shareholding Pattern No. of Share s Capital (Rs) % No. of Shares Value (Rs. In Lakhs) % Mr. Ashok Khedwal 500 50,000 50 500 50,000 50 Mrs. AshaKhedwal 500 50,000 50 500 50,000 50 Total 1000 1,00,000 100 1000 1,00,000 100 LIST OF DIRECTORS Before Change of Company Name After Change of Company Name Sr. No. Name of the Director Designation Name of the Director Designation 1. Mr. Ashok Khedwal Director Mr. Ashok Khedwal Director 2. Mrs. AshaKhedwal Director Mrs. AshaKhedwal Director **It is seen that there is no change in the list of Directors and Shareholding pattern. 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. 117821/2022/SEZ 497

Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownerships 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. 9. Agenda Item No. 07 :- Monitoring of Performance of M/s. Rosy Jewellery Exports Pvt. Ltd.

The unit has 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 has been 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 on cumulative basis in terms of Rule 54 of SEZ Rules, 2006. Agenda Item No. 08 :- Monitoring of Performance of M/s. Twinkle Diamond Jewellery (I) Pvt. Ltd.

The unit has submitted the APR for the period 2018-19 & 2019-20 duly certified by Chartered Accountant. The export and import data for the period 2018-19 & 2019-20 was retrieved from NSDL for cross verification with data submitted by them in the APR and same has been found satisfactory. unit for the period 2018-19 & 2019-20, as the unit has achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules, 2006. The Committee also directed :- 117821/2022/SEZ 498

The Unit to pay the outstanding rental dues amounting to Rs. 29,96,391/- immediately. The Unit to expedite the execution of sub-lease agreement within 6 months in terms of proviso of Rule 18 (2) (ii) of the SEZ Rules 2006, failing which the LOA will not be renewed further. Estate Section to conduct personal hearing w.r.t. the Court matter

Agenda Item No. 09 :- Monitoring of Performance of M/s. Interlink Jewellery Services LLP (Mfg.)

The unit has submitted the APR for the period 2016-17 to 2019-20 duly certified by Chartered Accountant. The export and import data for the period 2016-17 to 2019-20 was retrieved from NSDL for cross verification with data submitted by them in the APR and same has been found satisfactory. unit for the period 2016-17 to 2019-20, as the unit has achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules, 2006. The Committee also directed :- The Unit to pay the outstanding rental dues amounting to Rs. 5,14,079/- immediately. Agenda Item No. 10 :- Monitoring of Performance of M/s. Tata Consultancy Services Ltd. (Unit-II)

The unit has 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 has been found satisfactory. unit for the period 2019-20, as the unit has achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules, 2006. Agenda Item No. 11 : Monitoring of Performance of M/s. Tata Consultancy Services Ltd. (Unit-III)

The unit has 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 has been found satisfactory. 117821/2022/SEZ 499

unit for the period 2019-20, as the unit has achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules, 2006. Agenda Item No. 12 :- Monitoring of Performance of M/s. Steckbeck Jewellery Pvt. Ltd.

The unit has 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 has been found satisfactory. unit for the period 2019-20, as the unit has achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules, 2006. Agenda Item No. 13 :- Monitoring of Performance of M/s. Goldstar Jewellery Pvt. Ltd. The unit has 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 has been found satisfactory. unit for the period 2019-20, as the unit has achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules, 2006. The Committee also directed :- The Unit to pay the outstanding rental dues amounting to Rs. 20,86,821/- at the earliest. Agenda Item No. 14 :- Monitoring of Performance of M/s. SNC Jewels Pvt. Ltd. The unit has 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 has been found satisfactory. unit for the period 2019-20, as the unit has achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules, 2006. The Committee also directed :- 117821/2022/SEZ 500

The Unit to pay the outstanding rental dues amounting to Rs. 32,858/- immediately. The Unit to justify the reasons for low performance in the block period 2015-16 to 2019-20 and also furnish the future plans/projections for the next 2 years. Meeting ended with the vote of thanks to the Chair. Chairperson-cum-
Development Commissioner 117821/2022/SEZ 501

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