The Ministry of Commerce and Industry vide circular dated 18 October 2021 has issued guidelines for reorganization of Special Economic Zone (SEZ) units, developers and co-developers by means of change of name/shareholding pattern/directors/constitution, business transfer arrangements and court approved mergers & demergers. The Re-organizaton shall be undertaken by unit approval committee subject to the condition that the SEZ units, developers and co-developers shall not opt out or exit out of SEZ. The details of jurisdictional officer, PAN and financial details of reorganization shall be furnished to CBDT etc.
The Reorganization shall be also ensure that the subject to the conditions that the responsibilities of units, developers and co-developers shall remain Unaltered. The shall continue to fulfill the eligibility criteria to operate in SEZ and all compliance requirement shall continue to be applicable to them.
