The Securities Appellate Tribunal (SAT) on Monday set aside the penalty imposed by Sebi on Reliance Industries Ltd's chairman Mukesh Ambani and two other entities in a case related to alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. The ruling has come after all the entities appealed before the tribunal against the order passed by the Securities and Exchange Board of India (Sebi) in January 2021. In January 2021, Sebi imposed a Rs 25 crore fine on Reliance Industries Ltd(RIL), Rs 15 crore on Ambani, who is the company's chairman and managing director, Rs 20 crore on Navi Mumbai SEZ Pvt Ltd and Rs 10 crore on Mumbai SEZ Ltd in RPL case.
Developers had been urging dual usage of their SEZ land since the beginning of global financial recession in 2008.
While 100 per cent FDI is allowed in single-brand retail, if the foreign investment exceeds 51 per cent, the 30 per cent mandatory local sourcing norm kicks in.
Existing units stay operational; those approved may not be notified, land could be used for other purposes
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
Its new industrial policy appears to benefit industrial houses
Special Economic Zones are likely to be central to realising Prime Minister Narendra Modi's ambitious Make in India agenda.
The government has given more time to 20 SEZ developers, including Tata Consultancy Services and Mahindra World City, to execute their projects. At a meeting on January 14, the Board of Approval (BoA) headed by Commerce Secretary Rahul Khullar also allowed four SEZ developers to surrender their projects.
IT, IT-hardware, petroleum, engineering, leather and garments are the leading exports from the SEZs.
India's second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
Former West Bengal chief minister and a front-ranking Marxist leader Buddhadeb Bhattacharjee will go down in the country's history as a pragmatic communist who kept aside his ideological convictions to woo capital for the industrialisation of his state.
Another priority in the first 100 days could be the launch of an e-platform -- Trade Connect -- to help exporters connect with stakeholders of international trade.
Clamping down on the delays in repatriating foreign exchange earnings, the Reserve Bank of India (RBI) has tightened norms for special economic zones (SEZs), asking them to realise and bring back full value of goods and services to India within a year from the date of export.
It was difficult to set up a unified zone on the SEZ land.
Adani group saw a 55 per cent profit surge in the fiscal year ended March 2024 as the apples-to-airport conglomerate is back on an expansion spree and eyeing a $90 billion capex over the next decade. Emerging from a damning report of a US short seller, which hit market value of its listed companies, Adani group in 2023-24 (April 2023 to March 2024) fiscal focused on containing debt, reducing founder share pledge and consolidating business in core competencies.
Senior officials say the government might come up with an incentive package for the SEZs following the release of Foreign Trade Policy.
Bihar Chief Minister Nitish Kumar on Monday said the Prime Minister should convene an all-party meet to discuss the merits and demerits of SEZs.
In Andhra Pradesh, a maximum of 2,044.15 hectares of land are lying vacant.
Reliance Communications has received approvals from Maharashtra and MIDC for its proposed 45-acre special economic zone.
The special economic zone scheme seems to be in trouble.
Finance firms in these SEZs likely to get tax breaks.
'The larger story of systematic destruction, which can and has been quantified, goes mysteriously missing from any political and/or public discourse about the ongoing devastation in the Ghats,' notes Prem Panicker.
No more than 62% of farmland acquired for Special Economic Zones has been used for its intended purpose of boosting manufacturing, exports and jobs
The government has approved three special economic zones and was considering granting approval for setting up 14 SEZs, Commerce and Industry Minister Arun Shourie informed the Rajya Sabha on Monday.\n\n\n\n
The BoA, a 19-member inter-ministerial body that deals with special economic zone -related matters, is scheduled to meet on September 9.
In 2011, the Trinamool manifesto had said, the government would not allow SEZs in West Bengal, to protect multi-crop lands.
Commerce ministry monitoring remedial measures to promote exports in key markets.
Amid controversy over the setting up of China-style special economic zones, India on Thursday said the government recognised SEZs as 'an useful tool' in furthering industrialisation but will implement the concept in its 'own way'.
Expressing serious concerns over the DTC Bill, SEZ entrepreneurs on Tuesday said the proposed tax provisions would hit employment and drive away investors from the special economic zones.
The decision was taken in the meeting of the Board of Approval headed by Commerce Secretary Rajeev Kher on September 18.
The plan is to de-notify the entire SEZ.
The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd.
India's biggest realty firm, DLF is betting on special economic zones (SEZs). The zones will cover an area of 26,100 acres and the company expects to take control of the land in the next two years.
An international airport mulled by state govt in Surat will help to help boost business as well as tourism
CA Computer Associates India Pvt Ltd, which has an approval for setting up an infotech SEZ in Ranga Reddy district of Andhra Pradesh, has informed the commerce ministry that it is withdrawing its application.
Infosys had paid Rs 75 crore (Rs 750 million) for buying 50 acres from the government.
The board would take a decision on these applications on February 20.
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