‘Formal approval’ granted to 43 SEZ developers may be cancelled
According to a recommendation of the Development Commissioners of Special Economic Zones (SEZs), the ‘formal approval’ granted to 43 SEZ developers should be cancelled.
The SEZ developers whose approvals may be cancelled include the likes of Reliance Infocom Infrastructure, Emaar MGF Land Ltd., GVK Perambalur SEZ, Essel Infraprojects, Jindal Photo Ltd, Deccan Infrastructure and Land Holdings, Rajiv Gandhi IT Park Co-op Society, Tamil Nadu Industrial Development Corporation, and SAIL Salem SEZ.
The formal approvals had been granted to all the 43 SEZ developers by the Board of Approval, an inter-ministerial body which has 19 members.
The final decision with regard to the recommended cancellation of the formal approvals of 43 SEZs will be taken by the Board of Approval, headed by Commerce Secretary Rajeev Kher, at a meeting scheduled to be held on July 24.
According to a statement released by the Commerce Ministry in reference to the recommendation of cancellation of approvals to 43 SEZs, the concerned Development Commissioners have proposed the cancellation of the approvals because the developers have not made any significant progress after they were granted the approvals.
Going by the Rules, formal approval has a validity period of three years – unless it is extended – by which time production has to be commenced by at least one unit; with the SEZ to be made operational from the date of commencement of such production.
Source- Deccan Herald
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