The Government has cancelled approvals of 22 special economic zones, including that of Tamilnadu Industrial Development Corporation and True Developers, as no ‘satisfactory’ progress was made to execute the projects. The decision was taken in the meeting of the Board of Approval headed by Commerce Secretary Rajeev Kher on May 19. “The Board examined the 22 cases of the agenda for cancellation of formal approval/notification. The Board noted that the progress made by the developer is not satisfactory. “After deliberations, the Board decided to cancel the formal approval/notification, as the case may be,” the Commerce Ministry said.
However, it said the developers have to submit a certificate which will certify that they have not availed any tax/duty benefits including service tax exemptions or if availed under SEZ Act/Rules have refunded such benefits. TNIDC ltd had proposed to set up a multi-product zone in TN and True Developers too has plans to set up IT/ITeS zone in the same state.