Minutes of the Approval Committee meeting of SEEPZ-SEZ held on 30.12.2022
MINUTES OF THE MEETING OF THE APPROVAL COMMITTEE FOR SEEPZ SEZ HELD UNDER THE CHAIRMANSHIP OF DEVELOPMENT COMMISSIONER ON 30th DECEMBER, 2022 THROUGH VIDEO CONFERENCING.
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Name of the SEZ : SEEPZ-SEZ
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Meeting No. : 170th
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Date : 30th December, 2022
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 Dy. DGFT Nominee of the DGFT, Mumbai. 4 Smt. Kirti Deshmukh Deputy Director Nominee of Directorate of Industries, Mumbai. 5 Dr. M. Prabhakar Asstt. Commissioner, Customs Nominee of Commissioner of Customs, General, Air Cargo, Sahar. 6 Shri. Indrajeet Deshmukh Field Officer Nominee of MPCB, Mumbai.
Special Invitee:-
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Shri. Anil Chaudhary, Specified Officer, SEEPZ SEZ
Smt. Bridget Joe, EA to DC/Estate Manager/(SEEPZ-SEZ), Shri. Haresh K.
Dahilkar, ADC (New SEZ), Shri. Raju Kumar, ADC (New SEZ); Smt. Rekha Nair, Assistant, Shri. Ravindra Kumar, Assistant also attended for assistance and smooth functioning of the meeting.
Agenda Item No. 01:-
File No.S-SEZ-11/11/2021-SEEPZ-SEZ
Confirmation of the Minutes of the 169th Meeting held on 25.11.2022
The Minutes of the meeting held on 25.11.2022 were confirmed with consensus.
Agenda Item No. 02 :- Application for Merger of LOA of M/s. TATA Consultancy Services Unit – II & M/s. TATA Consultancy Services Unit – III into M/s. TATA Consultancy Services – Unit I and projection for further period of 5 years on merger.
The unit had submitted the application for Merger of LOA of M/s. TATA Consultancy Services Unit – II & M/s. TATA Consultancy Services Unit – III into M/s. TATA Consultancy Services – Unit I and projection for further period of 5 years on merger.
Following are the submissions:
There are 3 LOAs in the existing name and the details are as follows :-
Name of the unit
M/s.TATA Consultancy
Services – Unit I
M/s. TATA Consultancy
Services Unit – II
M/s.TATA
Consultancy
Services Unit – III
Location
Unit No. 129 B, SDF-V Plot No. 64 (ODC I & II), Unit No. 79, 80 SDF-III, Unit No. 115, 125, 128, 164, SDF-IV, Unit No. 130- 131, SDF-V (Plot No. 54, ODC –III) Unit No. IT- 09, 10 & 11, SDF- VII & Plot No. 54 Area 225 Sq.mtr Plot No. 64 512 Sq.mtr 79 569 Sq.mtr 80 528 Sq.mtr 115 554 Sq.mtr 125 671 Sq.mtr 128 555 Sq.mtr 164 532 Sq.mtr 130 432 Sq.mtr 131 614 Sq.mtr IT-09 618 Sq.mtr 10 &11 630 Sq.mtr Plot No. 54 4392 Sq.mtr
LOA No. & Date
8/13/80-EPZ dated
27.12.1980 as
amended
SEEPZ/NUS/APL/520/97
/13906 dated 12-03-
1997 (Unit-II)
SEEPZ/NUS/APL/
565/99-
2000/3604 (Unit-
III) dated 28-03-
2000
Item(s)
of manufacture0 Consultancy and export of computer software Computer
Software Services Computer Software Date
of commencement of production 01.05.1982 21.06.1997 28.03.2000 Validity of LOP 31.03.2027 31.03.2027 31.03.2025 Execution
of BLUT Yes Yes Yes Outstanding Rent dues NIL NIL NIL Labour Dues NIL NIL NIL Validity of Lease Agreement
- Letter sent to the unit on 06.07.2022 For adjudication Plot No. 64 Sub-lease agreement
is registered for 30 years
w.e.f. 01.04.1997 79 Sub-lease agreement
is registered for the IT- 09 Sub-lease agreement
is registered for the period 16.03.2000 to 15.03.2030 10& 11 Plot No. 54 Sub-lease agreement
is executed for 30 years
w.e.f. 23.01.2009
period 28.12.2014
to 31.03.2022 80 Sub-lease agreement is registered for the period 01.04.2017 to 31.03.2022 115 125 128 164 130 131
On merger
proposed
Projection is as follows for 5 years
:-
Year 1st Yr
(2022-
23)
2nd Yr
(2023-
24)
3rd Yr
(2024-
25)
4th Yr
(2025-
26)
5th yr
(2026-
27)
Total 5
Years
Rs. In
Lacs)
US'000
(Rs. 000’
$- 73.60)
Foreign Exchange
Earning (Based
on FOB value of
Export of entire
production)
46,100 47,500
48,900 50,300
51,700
2,44,500
332201 Foreign Exchange Outgo on
Import of Machinery 1,000 1,000 600 600 500 3700 5027.17 Import of Raw Material and Components
Import of Spare and Consumables 150 150 150 150 150 750
1019.00
Repatriation of
dividend
and profit to
foreign
collaborators
Royalty
Lumpsum know- how fees
Design & Drawing Fees
Payment on
training of
Indian
Technicians
abroad
Commission on
exports
etc.
Foreign
Travels
90
90
90
90
90
450
6657.60
Amount of
interest to be paid
on external
commercial
borrowing /
deferred payment
credit (Specify
details)
- Total (i) to (xi) 1,240 1240 840 840 740 4900 6657.60 Net
Foreign Exchange earning in five years 44,860 46,260 48,060 49,460 50,960 2,39,600
3,25,543. 47
DETAILS OF EMPLOYMENT BEFORE AND AFTER MERGER OF UNIT II & III
WITH UNIT I
Particulars Unit I Unit II Unit-III Employment post-merger of the LOA’s Men 84 997 630 1,717 Women 42 563 270 867 Total 126 1560 900 2584
Decision:-After deliberation, the Committee approved the proposal for Merger of LOA of M/s. TATA Consultancy Services Unit – II & M/s. TATA Consultancy Services Unit – III into M/s. TATA Consultancy Services – Unit I and projection for further period of 5 years on merger i.e. 2022-23 to 2026-27 in terms of proviso of Rule 19 (2) of SEZ Rules 2006.
Agenda Item No. 03 :- Application received for Change of Company name, from M/s. Ideal Jewels (India) Pvt. Ltd to Luxury Jewelry (India) Private Limited
M/s. Ideal Jewels (India) Pvt. Ltd had submitted their application for change of name of the company from M/s. Ideal Jewels (India) Pvt. Ltd to Luxury Jewelry (India) Private Limited and submitted all relevant documents with following details:-
DETAILS OF DIRECTORS BEFORE AND AFTER OF CHANGE OF COMPANY NAME
List of Directors M/s. Ideal Jewels (India) Pvt. Ltd) List of Directors M/s. Luxury Jewelry (India) Pvt. Ltd Sr. No. Before Name of the Directors Designation After Name of the Directors Designation 1. Kamlesh Dineshchandra Shah Directors Nishith Kiranchandra Pandya Directors 2. Pravinchandra Hiralal Shah Directors Raj Nitin Shah Directors
DETAILS OF PROFIT SHARING RATIO/SHAREHOLDING PATTERN BEFORE AND
AFTER CHANGE OF THE COMPANY NAME Sr. No. Name of Shareholders M/s. Ideal Jewels (India) Pvt. Ltd) Shares % of Shares Sr No. Name of Shareholders M/s. Luxury Jewelry (India) Pvt. Ltd Shares % of Shares 1 Kamlesh Shah 400000 80% 1 Raj Nitin Shah 907829 49.999 % 2 Shrutej R. Shah 100000 20 % 2 Kalpana Nitin Shah 15 0.001% 3.
Andre Messika 907844 50.000 %
Total
500000 100%
Total
100 %
It was observed that M/s. Ideal Jewels (India) Pvt. Ltd have undergone changes in
Shareholding Pattern & Directors without prior approval of the Approval Committee. The unit has submitted a separate request for consideration of delay which has been taken as Supplementary Agenda.
Decision:- After deliberation, the Committee approved the proposal subject to approval of the Supplementary agenda of M/s. Ideal Jewels for change of name of the company from M/s. Ideal Jewels (India) Pvt. Ltd to Luxury Jewelry (India) Private Limited in terms of MOC&I 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 subject to following conditions:-:-
- Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered entity.
- Fulfillment 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 ownerships 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 ownership 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 received for permission for Third Party Repair - M/s. Elysian Designs
M/s. Elysian Designs had submitted the application for Permission for Third Party Repair with an anticipated volume per annum as under and no change in the projections : -
Description of Items to be Repaired PCS to be Required PA Approx Labour Charges PA Plain and Studded Gold/Silver/Platinum and Palladium jewellery. Base Metal (Steel/Copper/Brass/Titanium/Tungsten) clad with Precious Metal either unstudded or Studded with Diamond, Color Stone, CA and Synthetic Stone. 7500 US$ 75000.00
Projections:-
Sl. No. Particulars Existing of 5 years (approved) 2019-20 to 2024- 25 Existing of 3 year (approved) 2022-23 to 2024-25 Proposed for 3 years 2022-23 to 2024-25 for third party repair (1US$ = Rs. 71) Rs. In Lakhs Rs. In Lakhs Rs. In Lakhs US'000 1. FOB value of exports 1,20,000 84,000 84,000 1,18,309.86 2. Import of Machinery 300 50 50 70.42 3 Import
of
Raw Materials
and Components in RM Form 72,000 50,400 45,360 63,887.32 3 (a) Import of jewellery as Third Party Repair
5040 7098.59 4. Import of Spares & Consumables 31 6 6 8.45 5. Unused Jewellery for Repair/Remaking Return
Repatriation
of dividends and profits to
foreign collaborates
Royalty
Lumpsum Know how fee
Design & Drawing fees
- Payment of foreign technicians
- Payment on training of Indian tech. abroad
- Commission
on export
13 Foreign Travel
- Amount of interest to be paid on ECB
- Any other payment
- Total (2 to 15) 72,331 50,456 50,456 71,065.79
- NFE (1-16) 47,669 33,544 33,544 47,245.50
Decision :- After deliberation, the Committee approved the proposal of the unit for Third Party Repair for manufacture and export of Plain and Studded Gold/Silver/Platinum
and
Palladium
jewellery.
Base
Metal
(Steel/Copper/Brass/Titanium/Tungsten) clad with Precious Metal either unstudded or Studded with Diamond, Color Stone, CA and Synthetic Stone subject to compliance of Instruction No. 51 dated 25.03.2010 issued by MOC&I read with Public notice No. 01/2010 dt. 08.04.2010 and Corrigendum dt. 26.04.2010.
Agenda Item No. 05 :- Application received for permission for Third Party Repair - M/s. Global Jewellery Pvt. Ltd
M/s. Global Jewellery Pvt. Ltd had submitted the application for Permission for Third Party Repair with an anticipated volume per annum as under and there is change in the projections : - Sr. No. Description of Items to be imported for Repaired PCS to be Repaired Labour Charges 1. Gold, Silver, Platinum Jewellery with Diamond. 5000 PCS (Per Annum). US $ 50,000.00 (Per Annum)
Projections:-
Sl. No. Particulars Approved projections on Merger of LOA i.e 2022-23 & 2023-24 (C/248) Approved projections on additional location i.e.2022- 23 & 2023-24 (C/696) Proposed for 2 years 2022-23 to 2023-24 for third party repair (C/766) (1US$ = Rs. 75.30$) Rs. In Lakhs Rs. In Lakhs Rs. In Lakhs US'000 1. FOB value of exports 20498.58 44998.58 44,998.58 59,759.07
Third party repair & return (Foreign
exchange earnings)
73.60
97.74 2. Import of Machinery 300.00 800.00 800.00 1062.41 3. (a) Total Import of Raw Material and components 16200.00 34330.00 34330.00 45590.96 3 (b) Import of spares & consumables 42.00 49.20 49.20 65.33
Import of remaking & remanufacturing unused /used good, new broken jewelry goods
181.30 181.30 240.77 4. Repatriation of dividends and profits to foreign collaborates
Royalty
Lumpsum Know how fee -
Design & Drawing fees 10.00 17.20 17.20 22.84 8. Payment
of
foreign
technicians
Payment on training of Indian tech. abroad
- Commission on export
- Foreign Travel 16.00 23.20 23.20 30.81
- Amount of interest to be paid on ECB
- Any other payment 27.33 67.33 67.33 89.42
- Total (2 to 13) 16595.33 35468.23 35,468.23 47102.56
- NFE (1-14) 3903.25 9530.35 9,603.95 12754.24
Decision :- After deliberation, the Committee approved the proposal of the unit for Third Party Repair for manufacture and export of Gold, Silver, Platinum Jewellery with Diamond subject to compliance of Instruction No. 51 dated 25.03.2010 issued by MOC&I read with Public Notice No. 01/2010 dated 08.04.2010 and Corrigendum dt. 26.04.2010.
Agenda Item No. 06 :- Application received for permission for Third Party Repair - M/s.
Jewel NXT
M/s. Jewel NXT had submitted the application for carrying out third-party repair with an anticipated volume per annum as under and there is change in the projections.
• The anticipation volume per annum will be as under :
Sr. No. Description of Items Quantity PA Labour Charges PA 1. Plain & amp, combination jewelry made of Gold/Silver/Platinum/Palladium,/Silver
Jewelry
studded with Diamonds/precious metal/semi precious
stones, cubic, ziconia, color stones& amp, Pearls.
Brass/Steel/Copper Jewellery studded with diamonds,
precious &, Semi precious stones.
10,000
Pieces/
Apprx.
Rs. 60 /-
lakhs
Approx.
Projection :-
Sl. No.
Existing approved 5 years i.e. 2016-17 to 2021-22 (1US$ = Rs. 67.00/-) Proposed for 5 years 2022-23 to 2026-27 (1US$ = Rs. 82.00/-) Rs. In Lakhs US'000 Rs. In Lakhs US'000 1. FOB value of exports 48,400.00 72,238.81 80,000.00 97,560.98 2. Import of Machinery 280.00 417.91.00 240.00 292.68 3. Import of Raw Material and components, 19,170.00 29,417.91 47,600.00 58,048.78 4. Import of Spares & Consumables 970.00 1,447.76 1600.00 1,951.22 5. Third Party Repairs/ Remaking
3200.00 3,902.44 6. Unused Jewelry for repaired/remaking return 4,490.00 6,701.49 3200.00 3,902.44 7. Repatriation of dividends and profits to foreign collaborates
Royalty
Lumpsum Know how fee
- Design & Drawing fees
- Payment on training of Indian tech. abroad
12 Commission on export etc.
- Foreign Travel 35.00 52.24 40.00 48.78
- Amount of interest to be paid on ECB/DCB
- Services
40.00 48.78 16. Any other payment 140.00 208.96 80.00 97.56 17. Total (2 to 17) 25,625.00 38,246.27 56,000.00 68,292.68 18 NFE (1-15) 22,775.00 33,992.54 24,000.00 29,268.29
Decision :- After deliberation, the Committee approved the proposal of the unit for Carrying Out Third Party Repair for manufacture and export of Plain & amp, combination jewelry made of Gold/Silver/Platinum/Palladium,/Silver Jewelry studded with Diamonds/precious metal/semi precious stones, cubic, ziconia, color stones& amp, Pearls, Brass/Steel/Copper Jewellery studded with diamonds, precious &, Semi precious stone subject to compliance of Instruction No. 51 dated 25.03.2010 issued by MOC&I read with Public Notice No. 01/2010 dt. 08.04.2010 and Corrigendum dt. 26.04.2010.
Agenda Item No. 07 :- Monitoring of Performance- M/s. Datamatics Global Services Ltd., Unit-I
The unit has 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 has been found satisfactory.
Decision:- After deliberation, the Committee noted the performance of the unit for the period 2020-21, as the Unit had achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules 2006.
Agenda Item No. 08 :- Monitoring of Performance- M/s. Datamatics Global Services Ltd., Unit-III Chartered Accountant. The export and import data for the period 2020-21 was retrieved
Decision:- After deliberation, the Committee noted the performance of the unit for the
The Committee also directed :-
• The Unit to expedite the execution of sub-lease agreement within 3 months week in terms of proviso of Rule 18 (2) (ii) of the SEZ Rules 2006, failing which action will be initiated as per SEZ Rules 2006. • Specified Officer to issue SCN for insufficient balance in the BLUT. • The Committee also directed the Unit to submit the additional BLUT
Agenda Item No. 09:- Monitoring of Performance- M/s. Euro Diamonds
Chartered Accountant. The export and import data for the period 2020-21 was retrieved
Decision:- After deliberation, the Committee noted the performance of the unit for the
The Committee also directed:- • SO to initiate action on issuance of Show Cause Notice for delay in submission of APR for the period 2020-21.
Agenda Item No. 10:- Monitoring of Performance- M/s. Oracle (OFSS) Processing Services
Ltd.,
The unit has submitted the APR for the period 2021-22 & 2022-23 duly certified by Chartered Accountant. The export and import data for the period 2021-22 & 2022-23 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 NIL performance of the unit for the period 2021-22 & 2022-23 as the Unit has submitted its application for exit.
• SO to initiate action on issuance of Show Cause Notice for delay in submission of APR for the period 2021-22 & 2022-23. • Unit to expedite the debonding procedure
Agenda Item No. 11 :- Monitoring of Performance- M/s. Quinnox Consultancy Services Ltd., Unit-I
The unit has submitted the APR for the period 2021-22 duly certified by Chartered Accountant. The export and import data for the period 2021-22 was retrieved
Decision :- After deliberation, the Committee noted the performance of the unit for the period 2021-22, as the Unit had achieved positive NFE on cumulative basis in terms of
Agenda Item No. 12:- Monitoring of Performance- M/s. Quinnox Consultancy Services
Ltd., Unit-II
Agenda Item No. 13:- Monitoring of Performance- M/s. Quinnox Consultancy Services
Ltd., Unit-III
Agenda Item No. 14:- Monitoring of Performance- M/s. Supergems Jewellery Mfg Pvt Ltd.
period 2021-22, as the unit has achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules, 2006.
• Unit to initiate action for clearance of pending foreign exchange realization within 2 months time. • Specified Officer to monitor the pending foreign exchange realization and initiate action on payment of utilized raw materials beyond 2 months in terms of SEZ Rules 2006.
Agenda Item No. 15:- Monitoring of Performance- M/s. Transasia Bio Medical Ltd. Unit-II
Chartered Accountant. The export and import data for the period 2021-21 was retrieved
The Committee also directed Specified Officer to expedite action i.r.o. the
audit para.
Agenda Item No. 16:- Monitoring of Performance- M/s. Tata Consultancy Services Ltd., Unit-III
Agenda Item No. 17 :- Monitoring of Performance- M/s. Finacus Solutions Pvt Ltd
Chartered Accountant. The export and import data for the period 2021-21 was retrieved
• To Unit to submit the additional BLUT. • Specified Officer to initiate action under FTDR Act for violation of provisions of SEZ Rules, 2006 for negative balance in the BLUT.
Agenda Item No. 18 :- Monitoring of Performance- M/s. Goldiam Jewellery Ltd.,
The Committee also directed the unit to co-ordinate with RBI and initiate action on resolving the issue of pending foreign exchange within 3 months time.
Agenda Item No. 19 :- Monitoring of Performance- M/s. Goldiam International Ltd.,
Agenda Item No. 20 :- Monitoring of Performance- M/s. Sitara Jewellery Pvt Ltd.,
• SO to initiate action on issuance of Show Cause Notice for delay in submission of APR for the period 2021-22. • Unit to clear the pending foreign exchange realization within 2 months time. • SO to monitor pending foreign exchange realization and clear the same within 2 months time, failing which action to be initiated for recovery of duty on utilized raw materials.
Agenda Item No. 21 :- Monitoring of Performance- M/s. V. M Jewellery
Agenda Item No. 22 :- Monitoring of Performance- M/s. Flawless Jewels
The unit has submitted the APR for the period 2019-20 & 2020-21 duly certified by Chartered Accountant. The export and import data for the period 2019-20 & 2020-21 was retrieved from NSDL for cross verification with data submitted by them in the APR and same has been found satisfactory.
period 2019-20 & 2020-21, as the Unit had achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules 2006.
The Committee also directed the unit to expedite the execution/registration of the sub-lease agreement.
Agenda Item No. 23 :- Monitoring of Performance- M/s. Thirdware Global Services
Chartered Accountant. The export and import data for the period 2020-21 was retrieved
Agenda Item No. 24 :- Monitoring of Performance- M/s. Dimpex Jewels Pvt Ltd
Chartered Accountant. The export and import data for the period 2020-21 was retrieved
Agenda Item No. 25 :- Monitoring of Performance- M/s. Stellar Jewelry
Chartered Accountant. The export and import data for the period 2020-21 was retrieved
The Committee also directed the unit to expedite the execution/registration of the sub-lease agreement i.r.o. unit no. 15, SDF-I and also pay the outstanding dues related to penalty.
Agenda Item No. 26:- Monitoring of Performance- M/s. Genesys International Corporation 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
period 2019-20, as the Unit had achieved positive NFE on cumulative basis in terms of
• The Unit to clear the outstanding rental dues within 1 month. • Unit to execute the sub-lease agreement within 3 months time, failing which action will be initiated as per SEZ Rules 2006. • Unit to clear the pending foreign exchange earnings, failing which SO to initiate action on recovery of duty on unutilized raw materials. • SO to monitor pending foreign exchange realization and clear the same within 1 month time, failing which action to be initiated for recovery of duty on utilized raw materials
Agenda Item No. 27:- Monitoring of Performance- M/s. Genesys International Corporation Ltd (Unit Worldeye)
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
period 2019-20, as the Unit had achieved positive NFE on cumulative basis in terms of
• The Unit to clear the outstanding rental dues within 1 month. • SO to monitor pending foreign exchange realization and clear the same within 1 month time, failing which action to be initiated for recovery of duty on utilized raw materials
Agenda Item No. 28:- Monitoring of Performance- M/s. Zycus Infotech 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
period 2019-20, as the Unit had achieved positive NFE on cumulative basis in terms of
The Committee also directed the Unit to execute the sub-lease agreement within 3 months time, failing which action will be initiated in terms of SEZ Rules 2006.
Agenda Item No. 29 :- Monitoring of Performance- M/s. Sunjewels Pvt Ltd
Chartered Accountant. The export and import data for the period 2020-21 was retrieved
The Committee also directed the unit to clear the outstanding rental dues
within 1 week.
Agenda Item No. 30 :- Monitoring of Performance- M/s. Unity Jewels
The unit has submitted the APR for the period 2020-21 & 2021-22 duly certified by Chartered Accountant. The export and import data for the period 2020-21 & 2021-22 was retrieved from NSDL for cross verification with data submitted by them in the APR and same has been found satisfactory.
period 2020-21 & 2021-22, as the Unit had achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules 2006.
• SO to expedite action on the audit objection. • SO to initiate action on issuance of Show Cause Notice for delay in submission of APR for the period 2020-21.
The Committee directed Units to file applications for DSPF and Specified Officer to initiate action on endorsement of invoices i.r.o. pending applications and the current applications.
Supplementary Agenda Item No. 01:- Application for Change of Implementing Agency from M/s. Indus Valley Partners (India) Pvt. Ltd to M/s. Indus Valley Partners (India) Pvt Ltd. to M/s. Indus Infotech Pvt Ltd and Change in the Directors and Shareholding pattern.
The unit had submitted the application for Merger of M/s. Indus Valley Partners (India) Pvt Ltd. to M/s. Indus Infotech Pvt Ltd consequent to the NCLT order dt. 18.10.2022. The details of Directors are as follows :-
LIST OF DIRECTORS
Sr. No. M/S. INDUS VALLEY PARTNERS (INDIA) PVT LTD M/S. INDUS INFOTECH PVT LTD 1. Gurvinder Singh Harbhajan Singh 2. Harbhajan Singh Harbhajan Kaur 3. Gursaran Singh Kapur Gursaran Singh Kapur
PRE AND POST MERGER EQUITY SHAREHOLDING OF TRANSFER COMPANY
Sr No. Name of Promoter/Sha reholder Equity Share held in the Transferee Company i.r.o. M/s. Indus Infotech Pvt Ltd % Pre merger Equity Shares on merger in 1:1 ratio i.r.o. M/s. Indus Valley Partners (India) Pvt Ltd Total Equity Sahres post merger i.r.o. M/s. Indus Infotech Pvt Ltd % Post Merger A Non Resident
1 Indus Valley Holdings Ltd 9,65,20,000 99.61 9,83,314 9,75,03,314 94.84 2 Mrs. Suvarnaben Amin-NRI 76,000 0.08 9,83,314 10,59,314 1.03
Sub Total A 9,65,96,000 99.69 19,66,628 9,85,62,628 95.87 B Resident
3 Mr. Harbhajan Singh 1,52,000 0.16 19,66,626 21,18,626 2.06 4 Mrs. Harbhajan Kaur 1,52,000 0.15 19,66,627 21,18,627 2.07 5 Mr. Gurusaran Singh NIL
1 1 Neg
Sub Total B 3,04,000 0.31 39,33,254 42,37,254 4.13
Total (A + B) 9,69,00,000 100 58,99,882 10,27,99,882 100
PRE MERGER EQUITY SHAREHOLDING OF TRANSFER COMPANY OF M/S. INDUS VALLEY PARTNERS (INDIA) PVT LTD
Sr No. Name of Promoter/Shareholder Equity Share held in the Transferee Company % Pre merger A Non Resident
1 Indus Valley Holdings Ltd 9,83,314 16.67 2 Mrs. Suvarnaben Amin-NRI 9,83,314 16.67
Sub Total A 19,66,628 33.34 B Resident
3 Mr. Harbhajan Singh 19,66,626 33.33 4 Mrs. Harbhajan Kaur 19,66,627 33.33 5 Mr. Gurusaran Singh 1 Neg
Sub Total B 39,33,254 66.66
Total (A + B) 58,99,882 100
POST MERGER NON CONVERTIBLE REDEEMABLE PREFERENCE SHARE (NCRPS)
SHAREHOLDING PATTERN IN TRANSFEREE COMPANY ISSUED AS BONUS IN 1:1 RATIO ON EQUITY SHARES ISSUED ON MERGER TO EQUITY SHAREHOLDERS OF TRANSFEROR COMPANY
Description Pre-Merger NCRPS Shareholding Post-Merger NCRPS Shareholding
No of NCRPS % No of Bonus NCRPS % Non Resident Promoters
Indus Valley Holdings Limited NIL 0.00 9,83,314 16.67 Non Resident Indian (NRI) NIL 0.00 9,83,314 16.67 Sub-Total NIL 0.00 19,66,628 33.34 Resident- Shareholders NIL
Mr. Harbhajan Singh NIL 0.00 19,66,626 33.33 Mrs. Harbhajan Kaur NIL 0.00 19,66,627 33.33 Mr. Gurusaran Singh NIL 0.00 1 Neg Sub Total B NIL 0.00 39,33, 354 66.66 Total NIL 0.00 58,99,882 100
Decision :- After deliberation, the Committee approved the proposal for merger of M/s. Indus Valley Partners (India) Pvt Ltd. to M/s. Indus Infotech Pvt Ltd consequent to the NCLT order dt. 18.10.2022 and Change in the Directors and Shareholding pattern in terms of MOC&I Instruction No. 109 dated 18.10.2021 subject to following conditions:-
- Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered entity.
- Fulfillment 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 ownerships 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 ownership 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.
- The applicant shall be recognized by the new name or such arrangement in all the records.
Supplementary Agenda Item No. 02 :- Application for Change of Directors and Change of Shareholding Pattern of the Company- M/s. Ideal Jewels (India) Pvt Ltd.
The unit had submitted proposal for Change of Directors & Shareholding Patterns of the company and the details are as follows :-
• DETAILS OF DIRECTORS BEFORE AND AFTER OF CHANGE OF COMPANY NAME
Year 2009
Name of the Director Kamlesh D. Shah Pravinchandra H. Shah
Year 2014
Name of the Director Kamlesh D. Shah Pravinchandra H. Shah Nishith K. Pandya Raj N. Shah
Year 2019
Name of the Director Nishith K. Pandya
Raj N. Shah
Year 2020
Name of the Director Nishith K. Pandya Raj N. Shah
• DETAILS OF PROFIT SHARING RATIO/SHAREHOLDING PATTERN BEFORE AND
AFTER CHANGE OF THE COMPANY NAME For the month of April 2005
Name of the Shareholder No of Shares % of Shares Kamlesh Shah 400000 80% Shrutej R. Shah 100000 20% Total 500000 100%
For the month of April 2010
Name of the Shareholder No of Shares % of Shares Kamlesh Shah 400000 80% Shrutej R. Shah 100000 20% Total 500000 100%
For the month of April 2014
Name of the Shareholder No of Shares % of Shares
Kamlesh Shah 96000 19% Shrutej R. Shah 24000 5% Euroshine Jewellery Works Pvt Ltd 380000 76% Total 500000 100%
For the month of April 2019
Name of the Shareholder No of Shares % of Shares Kamlesh Shah 144000 8.68% Shrutej R. Shah 36000 2.17% Raj Nitin Shah 569985 34.381% Kalpana Nitin Shah 15 0.001% Andre Messika 907844 54.76% Total 1657844 100%
For the month of April 2020
Name of the Shareholder No of Shares % of Shares Raj Nitin Shah 907829 49.999% Kalpana Nitin Shah 15 0.001% Andre Messika 907844 50.00% Total 1815688 100%
It was observed by the Committee that as per the said Instruction the Unit should have intimated and taken prior approval of the Approval Committee. The Unit has apologized stating that they were unaware of the policy procedure and requested for a lenient view.
Decision:- After deliberation, the Committee approved the proposal for change
in the Directors and Shareholding pattern of the Company subject to Instruction no. 89
(5) (ii) dated 17.05.2018 read with Instruction No. 90 dated 03.08.2018 issued by
MOC&I.
The Committee also directed that action to be initiated against the unit for violation
of the said Instructions of the Ministry.
Meeting ended with the vote of thanks to the Chair.
Chairperson-cum-Development Commissioner
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