Companies & Sectors
SEZs of Hindalco, Essar, Adani may be cancelled

Development Commissioners have recommended to the Board of Approval (BoA) to cancel these SEZ projects as no work has been done by these companies

 

The Indian government is likely to cancel the approvals granted to nine companies including Hindalco Industries, Essar and Adani for setting up of special economic zones (SEZs) as no work has been done to execute the projects.

 

The Development Commissioners have recommended to the Board of Approval (BoA) to cancel these SEZ projects. The formal approval had been granted to these projects by BoA.

 

“However, since there is no significant progress made by the developer/ co—developer, the concerned DC has proposed for cancellation of formal approval granted to the developer,” the agenda of the BoA meeting said. The meeting is scheduled for 18th September.

 

Hindalco Industries has proposed to set up an aluminium product SEZ in Orissa.

 

The formal approval to the developer was granted in July 2007. The developer was granted extension from time to time and the last extension granted has expired on 31 December 2013, according to BoA.

 

“The developer did not make any request for extension. DC FSEZ had taken up the matter with the developer, the last reminder was sent on 13 August 2014 giving 10 days time.

 

“Since no communication has been received, DC has recommended for cancellation of formal approval of 115 hectare and in—principle approval for 740 hectare,” it said.

 

Essar Jamnagar SEZ Ltd had proposed to set up a multi— product zone in Gujarat. The formal approval was expired in August 2009.

 

The developer did not make any request for extension, it said, adding that the DC had taken up the matter with the developer but no communication has been received.

 

Similarly, Adani Townships & Real Estate Company Ltd had proposed an IT/ITeS zone in Gujarat.

 

“The formal approval expired on 11 June 2010. The developer ...has reported that they could not proceed with the SEZ project due to adverse demand scenario from IT sector.

 

“Accordingly they are not interested in perusing the project. DC has recommended that the formal approval may be withdrawn,” it added.

 

The other developers whose SEZs may be cancelled include Chennai Business Park, Integrated Warehousing Kandla Project Development and Gujarat Industrial Development Corp (GIDC).

 

As per the SEZ Rules, formal approval is valid for a period of three years by which time at least one unit has to commence production and the zone becomes operational from the date of commencement of such production.

 

Provision to this rule provides for extension of this formal approval by BoA, for which the developer will submit his application to the concerned DC, who shall, within 15 days forward it to the Board with his recommendations.

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Monthly foreign tourist arrivals register a growth of 16.9% in August 2014

FTAs during the month of August 2014 were 5.69 lakh as compared to FTAs of 4.86 lakh during the month of August 2013 and 4.46 lakh in August 2012

 

There has been a growth of 16.9% in FTAs (foreign tourist arrivals) in India in August 2014 over August 2013 as compared to a growth of 9.1% registered in August 2013 over August 2012.

 

FTAs during the month of August 2014 were 5.69 lakh as compared to FTAs of 4.86 lakh during the month of August 2013 and 4.46 lakh in August 2012.

 

FTAs during the period January-August 2014 were 46.84 lakh with a growth of 7.4%, as compared to the FTAs of 43.60 lakh with a growth of 4.9% during January-August 2013 over the corresponding period of 2012.

 

The percentage share of FTAs in India during August 2014 among the top 15 source countries was highest from Bangladesh (14.03%), followed by USA (12.74%), UK (9.22%), Sri Lanka (6.79%), Japan (3.56%), France (3.18%), Malaysia (3.09%), Germany (2.79%), UAE (2.42%), Oman (2.28%), Australia (2.28%), Canada (2.22%), China (2.14%), Pakistan (2.11%) and Nepal (2.10%).

 

FEEs (foreign exchange earnings) during the month of August 2014 were Rs10,254 crore as compared to Rs8,351 crore in August 2013 and Rs7,260 crore in August 2012.

 

The growth rate in FEEs in rupee terms in August 2014 over August 2013 was 22.8% as compared to 15.0% in August 2013 over August 2012.

 

FEE from tourism in rupee terms during January-August 2014 were Rs77,350 crore with a growth of 12.8%, as compared to the FEE of Rs68,558 crore with a growth of 15.4% during January-August 2013 over the corresponding period of 2012.

 

FEEs in US dollar terms during the month of August 2014 were US$1.684 billion as compared to FEEs of US$1.328 billion during the month of August 2013 and US$1.306 billion in August 2012.

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Saradha scam: SFIO submits its final report to the govt

The findings of the SFIO probe in Saradha scam are also being shared with CBI and SEBI for further action

 

Completing its over a-year-long probe into the Saradha scam, the Serious Fraud Investigation Office (SFIO) has submitted its final investigation report to the government, which may soon start prosecution proceedings for numerous serious violations found during investigations.

 

The scam, in which lakhs of investors from West Bengal and neighbouring States were defrauded through illegal money pooling activities, came to light early last year and has also had its political ramifications.

 

Sources said the final report, submitted by SFIO to the Ministry of Corporate Affairs (MCA), has listed violations of many provisions of the companies law by various entities.

 

The Ministry is looking into the report and prosecution proceedings are expected to start soon under the Companies Act, they added.

 

The findings of the SFIO probe are also being shared with Central Bureau of Investigation (CBI), which has also been probing the case. At the same time, matters pertaining to collective investment schemes (CIS) are being referred to the market regulator Securities and Exchange Board of India (SEBI) for further action.

 

SEBI had passed an order against Saradha Realty in April last year, soon after massive protests by public investors began in West Bengal. The company was asked by SEBI to refund investors’ money, among other strictures.

 

In the wake of public protests, the Ministry also asked SFIO in April 2013 to probe the case. The agency, which looks into white collar crimes and violations of the companies law, investigated more than 60 companies in this regard.

 

The probe agency had questioned many people, including suspended Trinamool Congress leader Kunal Ghosh. Saradha Group chief Sudipta Sen is behind bars. An interim report was submitted by SFIO in September 2013.

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