IN FORCE SEZ / EOU / FTWZ 2023-02-27

Minutes of the Approval Committee meeting of SEEPZ-SEZ held on 27.02.2023

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MINUTES OF THE MEETING OF THE APPROVAL COMMITTEE FOR SEEPZ SEZ HELD UNDER THE CHAIRMANSHIP OF DEVELOPMENT COMMISSIONER ON 27th FEBRUARY, 2023 THROUGH VIDEO CONFERENCING.

Name of the SEZ : SEEPZ-SEZ
Meeting No. : 172nd
Date : 27th February, 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 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:-

1.Shri. Anil Chaudhary : Specified Officer, SEEPZ-SEZ

Smt. Bridget Joe, EA to DC/ADC I/c (SEEPZ-SEZ), Shri. Haresh K. Dahilkar, ADC (New-SEZ)/EM, Smt. Rekha Nair and Shri. Ravindra Kumar, Assistants also attended for assistance and smooth functioning of the meeting.

Agenda Item No. 01: Confirmation of the Minutes of the

171st

Meeting held

                           on
31.01.2023



     The  Minutes  of  the  meeting  held  on  31.01.2023 were  confirmed  with

consensus. File No.S-SEZ-11/11/2021-SEEPZ-SEZ

Agenda Item No. 2 : Application received for change in Partners & Profit sharing ratio on retirement of 1 Partner of

M/s. Enchanted Exports LLP

        M/s. Enchanted Exports LLP has submitted application for change in Partners

& Profit sharing ratio on retirement of 1 Partner and the details are as under: DETAILED LIST BEFORE & AFTER CHANGE

OF PARTNERS

12 th June, 2020

Sr. No. List of Partners

Name of Partners Designation 1. Mr. Rajkumar Javeri Partner 2. Mrs. Kamalini Javeri Partner 3. Mr. Bharat Jayantilal Javeri Partner

The proposal for approval w.r.t. change of Company for name from M/s. Bharat & Co. to M/s. Enchanted Exports LLP and change of Partners & Shareholding Patterns of the company was placed before the Approval Committee meeting held on 17.08.2020. The Committee has approved the said proposal in terms of Instruction no. 89 (5) (ii) dated 17.05.2018 read with Instruction No. 90 dated 03.08.2018 issued by MOC&I. Subsequent Changes in Partners & Profit Sharing Ratio are as indicated below:

21 st Aug,

2020

Sr. No. List of Partners

Name of Partners Designation 1. Mr. Bharat Jayantilal Javeri Partner 2. Mr. Nikhil N Shah Partner 3. Mr. Parth M Shah Partner

22 nd April,

2021

Sr. No. List of Partners

Name of Partners Designation 1. Mr. Bharat Jayantilal Javeri Partner 2. Mr. Nikhil N Shah Partner 3. Mr. Parth M Shah Partner

7 th April, Year 2022

Sr. No. List of Partners

Name of Partners Designation 1. Mr. Nikhil N Shah Partner

Mr. Parth M Shah Partner 3. Mr. Mehul N Shah Partner

DETAILS OF PROFIT SHARING RATIO BEFORE AND AFTER

RETIREMNT OF PARTNERS 12 th June, 2020

Sr. No. List of Partners and the Profit sharing Ratio

Name of Partners Designation No. of Shares 1. Mr. Rajkumar Javeri Partner 05.00 % 2. Mrs. Kamalini Javari Partner 47.50% 3. Mr. Bharat Jayantilal Javeri Partner 47.50 % Total 100 %

2020

Sr. No. List of Partners and the Profit sharing Ratio

Name of Partners Designation No. of Shares 1. Mr. Bharat Jayantilal Javeri Partner 51.00 % 2. Mr. Nikhil N Shah Partner 24.50% 3. Mr. Parth M Shah Partner 24.50 % Total 100 %

22 nd April,

2021

Sr. No. List of Partners and the Profit sharing Ratio

Name of Partners Designation No. of Shares 1. Mr. Bharat Jayantilal Javeri Partner 02.00 % 2. Mr. Nikhil N Shah Partner 49.00 % 3. Mr. Parth M Shah Partner 49.00 % Total 100 %

7 th April,

2022

Sr. No. List of Partners and the Profit sharing Ratio

Name of Partners Designation No. of Shares 1. Mr. Nikhil N Shah Partner 49.00% 2. Mr. Parth M Shah Partner 49.00% 3. Mr. Mehul N Shah Partner 02.00%

Total 100 %

Decision : After deliberation, the Committee approved the proposal of the unit for Change in the Partners and Profit Sharing Ratio on retirement of Partner of the company 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:-

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

Agenda Item No. 3 : Application received for Change of Board of Directors of the Company of
M/s. Western Outdoor Interactive Pvt. Ltd (Unit-I)

M/s. Western Outdoor Interactive Pvt. Ltd (Unit-I) had submitted the application for Change of Board of Directors of the Company. The details are as follows:

Sr. No. List of Directors Pre List of Directors Post

Name of Director Desig- nation Appointment & Cessation Date Name of Director Desig- nation Appoint- ment Date 1. Suresh Padmanaban Director 24.10.2022 (Date of Cessation) Periyanayagam Vincent Director 21.03.2022 2. Periyanayagam Vincent Director 21.03.2022 Chakrapani Saranya
Director 22.11.2022

There is no change in the shareholding pattern due to above mentioned changes in Board structure. Decision : After deliberation, the Committee approved the proposal of the unit for Change of Board of Directors of the Company 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:-

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

Agenda Item No. 4 : Application received for Change of Board of Directors of the Company of M/s. Western Outdoor Interactive Pvt. Ltd (Unit-II)

  M/s. Western Outdoor Interactive Pvt. Ltd (Unit-I) had submitted the application

for Change of Board of Directors of the Company. The details are as follows:

Sr. No. List of Directors Pre List of Directors Post

There is no change in the shareholding pattern due to above mentioned changes in Board structure.

Decision: After deliberation, the Committee approved the proposal of the unit for Change of Board of Directors of the Company 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:-

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

Agenda Item No.5: Monitoring of Performance of M/s. Kama Jewelery Pvt. Ltd (Unit-I) for the period of 1 year i.e. 2021-22.

        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 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 2021-22, as the Unit had achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules 2006.

 The Committee also directed the Specified Officer to (i) initiate action for issuance of Show Cause notice for delay in submission of APR for the period 2021-22; and

(ii) to visit the unit to verify the utilization of space by no. of employees vis-a-vis the exports.

Agenda Item No. 6 : Monitoring of Performance of M/s. Livingstone Jewellery Private Limited for the period of 2 years i.e. 2020-21 and

2021-22.

        The unit has submitted the APR for the period 2020-21 and 2021-22 duly

certified by Chartered Accountant. The export and import data for the period 2020-21 and 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 and 2021-22, as the Unit had achieved positive NFE on cumulative basis in terms of Rule 54 of SEZ Rules 2006.

• The Committee also directed the Specified Officer to verify the items of manufacture vis-à-vis LOA and suggest for changes in respect of certain items like Cut & Polished Diamonds.

Agenda Item No. 7 : Monitoring of Performance of M/s. Cream Jewellery for the period of 1 year i.e. 2020-21

        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. period 2020-21, as the Unit had achieved positive NFE on cumulative basis in terms of • The Committee also directed - i. the unit to expedite the registration of sub-lease agreement within 3 months in terms of proviso of Rule 18 (2) (ii) of the SEZ Rule 2006, failing which action will be initiated as per SEZ Rules 2006. ii. the unit to clear the outstanding dues by 31.03.2023. iii.Specified Officer to initiate action for issuance of Show Cause notice for delay in submission of APR

Agenda Item No. 8 : Monitoring of Performance of M/s. Trio Jewels Pvt. Ltd for the

                               period of 1 year i.e. 2021-22

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 from NSDL for cross verification with data submitted by them in the APR and same has been found satisfactory. period 2021-22, as the Unit had achieved positive NFE on cumulative basis in terms of

Agenda Item No. 9 : Monitoring of Performance of M/s. Jewel Art Unit II for the period of 2 years i.e. 2020-21 and 2021-22

        The unit has submitted the APR for the period 2020-21 and 2021-22 duly

• The Committee also directed Specified Officer to:- (i) initiate action for issuance of Show Cause notice for delay in
submission of APR for the years 2020-21 & 2021-22; and (ii) to examine balance in the BLUT in terms of clarification received from Ministry on 15.02.2023.

Agenda Item No. 10 : Monitoring of Performance of M/s. Thirdware Global Services (A

                                 Division of Thirdware Solution Ltd.)for the period of 1 year i.e. 


                                 2021-22.



        The unit  has submitted the APR for the period 2021-22 duly certified by

• The Committee also directed the Specified Officer to visit the unit to verify the utilization of space by no. of employees vis-a-vis the exports and submit the actual report to DC, SEEPZ for review.

Agenda Item No. 11 : Monitoring of Performance of M/s. Craftsmen Jewellery Pvt. Ltd. for the period of 1 year i.e. 2019-20

        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. period 2019-20, as the Unit had achieved positive NFE on cumulative basis in terms of • The Committee also directed - i. the unit to clear the outstanding dues at the earliest. ii. the unit to submit the presentation w.r.t timeline requested execution of sublease agreement, export orders etc. to the DC, SEEPZ-SEZ for consideration of renewal of LOA. iii.the Specified Officer to visit the unit and submit report w.r.t. utilization of space by no. of employees vis-a-vis the exports

Agenda Item No. 12 : Monitoring of Performance of M/s. Euro Diamonds Pvt. Ltd for the period of 1 year i.e. 2021-22

        The unit  has submitted the APR for the period 2021-22 duly certified by

• The Committee also directed the Specified Officer to initiate action for issuance of Show Cause notice for delay in submission of APR for the period 2021-22.

Agenda Item No. 13 : Monitoring of Performance of M/s. Steckbeck Jewelry Pvt. Ltd -

Service for the period of 1 year i.e. 2021-22.

        The unit  has submitted the APR for the period 2021-22 duly certified by

• The Committee also directed the Specified Officer to:- (i) initiate action for issuance of Show Cause notice for delay in submission of APR for the period 2021-22; and (ii) verify and check whether the duty forgone on goods imported is covered in the BLUT.

Agenda Item No. 14 : Monitoring of Performance of M/s. Sunflower Jewellery Pvt. Ltd for the period of 1 year i.e. 2021-22

        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 from NSDL for cross verification with data submitted by them in the APR and same has been found satisfactory. period 2021-22, as the Unit had achieved positive NFE on cumulative basis in terms of • The Committee also directed the Specified Officer to initiate action for issuance of Show Cause notice for delay in submission of APR for the period 2021-22.

  It was directed by the Committee to ensure the GSTR 2A reconciliation to

be included in the monitoring of performance henceforth. The monitoring of performance in respect of the above units have been taken on record, however, the same will be confirmed after verification/ reconciliation of

GSTR 2A in the next Approval Committee Meeting.

The Meeting ended with the vote of thanks to the Chair.

                             Chairperson-cum-Development

Commissioner

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