Following the surrender request from Parsvnath Infra, the Board of Approval, headed by Commerce Secretary SR Rao, has de-notified the zone at its meeting on 12th June
Faced with land acquisition problems, real estate major Parsvnath has surrendered its IT special economic zone (SEZ) in Haryana.
Following the surrender request from Parsvnath Infra, the Board of Approval, headed by Commerce Secretary SR Rao, has de-notified the zone at its meeting on 12th June.
“After deliberations, the Board decided to approve the proposal of Parsvnath Infra for de-notification of the sector-specific SEZ for IT/ITES at Sohna Road, Haryana.
“The approval is subject to the DC (Development Commissioner) furnishing a certificate that the developer has either not availed or has refunded all the tax/duty benefits availed under SEZ Act/Rules...” the minutes of the SEZ BoA meeting said.
The BoA is a 19-member inter-ministerial body that deals with SEZs and the issues related to them.
The board has also directed that the information regarding the case “must invariably be sent to CBDT and CBEC for taking necessary action”.
In its application, Parsvnath Infra had requested for de-notification of the zone on the grounds that “it has not been possible to acquire some small pockets within the notified area thereby affecting contiguity. And further extension of formal approval has been denied by the ministry of commerce”.
The IT/ITeS SEZ at Sohna Road, Gurgaon was notified on 23 August 2007 over an area of 42.4 hectares.
Earlier, a few other developers have also surrendered their SEZs due to the land acquisition problems.
Separately, the Board has also de-notified Biological E.Ltd’s SEZ for biotechnology proposed at Ranga Reddy District in Andhra Pradesh.
A bright future for the company but the stock may have run up too high for now
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