Transfer of In-principle or Formal approval issued to a SEZ Developer to its subsidiary or SPV
THE Board of Approval, in its meeting held on 15-01-2009, approved guidelines regarding Transfer of In-principle or Formal approval issued to a SEZ Developer to its subsidiary or SPV in the following categories:
(i) Category I – Where there is mere change in name and no change in share holding pattern of the original developer.
(ii) Category II – Where approval is transferred to a 100% SPV or a wholly owned subsidiary (WOS) of the developer company,
(iii) Category III- De-merger in terms of a Court decision in respect of M/s. Bajaj Holdings Pvt. Ltd.
(iv) Category IV- Where partly the equity is held by State Government or one of its organisations by virtue of the State Government's requirement, BOA further indicated that these guidelines will be valid henceforth with respect to change of name/transfer of approval cases.
As regards the rest of the cases, it was decided that the Department of Commerce would separately examine the matter in consultation with the Department of Revenue and come up with separate policy guidelines.
COMMERCE MINISTRY INSTRUCTION NO. 21 (No.) Dated: July 16, 2009