Investor Presentaiton
Exit from GIFT City / IFSC
Consequences of Cancellation of LOA
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The Approval Committee may cancel the LOA at any time after providing the reasonable opportunity of being
heard if it has reason or cause to believe that the unit/developer has persistently contravened any of the terms
and conditions or its obligations of LOA.
From the date of such cancellation the Unit shall not be entitled to any exemption, concession, benefit or
deduction available to it under SEZ Act.
Additionally, such unit/developer shall remit, the exemption, concession, drawback and any other benefit availed
by him in respect of the capital goods, finished goods lying in stock and unutilized raw materials relatable to his
unit, in such manner as may be prescribed.
Any person aggrieved by such cancellation, may prefer an appeal before the Board of Approval. Rule 77 of the SEZ
Rules (and its amendments), 2006 ("SEZ Rules") provides for detailed consequences of such cancellation including
removal of goods from the SEZ unit.
Khandhar Mehta & Shah | Chartered Accountants
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