Govt allows Reliance to surrender SEZ
The government has allowed Mukesh Ambani-owned Reliance Industries to surrender its special economic zone in Haryana.delhi Updated: Jun 24, 2013 01:26 IST
The government has allowed Mukesh Ambani-owned Reliance Industries to surrender its special economic zone in Haryana.
The decision to denotify Reliance Haryana SEZ Ltd, a unit of RIL, was taken by Board of Approval, headed by Commerce Secretary SR Rao, in its meeting on June 12.
“After deliberations, the Board decided to approve the proposal...for de-notification of the sector specific SEZ for multi services."
“The approval is subject to ... a certificate that the developer has either not availed or has refunded all the tax/duty benefits availed under SEZ Act/Rules in respect of the area to be de-notified, there are either no units in the SEZ or the same have been debonded, the state government has no objection to the de-notification proposal etc,” the minutes of the meeting said.
The Board of Approval is a 19-member inter-ministerial body that deals with SEZs.
In the meeting, the board has also directed that information regarding the case “must be sent to CBDT and CBEC for taking necessary action”.
However, no reason was given by the developer for de-notification of the zone.