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Snapping the leash

The directors and officers have been vested with powers to permit additional import of capital goods up to Rs 100 million without any limitation of imported capital goods approved earlier.

They can also change the name of the implementing agency subject to following conditions:

1. For change from an individual to a company:
   (i) The new company is promoted by the applicant.
   (ii) He or she is a subscriber to the articles and memorandum of the association of the company
   (iii) He or she subscribes to at least 10 per cent of the issued equity capital of the new company and the individual is a director of the new company.
2. For change from a company to another company:
   (i) The transferee company is a fully-owned subsidiary of the company holding the letter of intent or permission letter or vice-versa or…
   (ii) A new company has been promoted for the purpose of implementing the scheme after the grant of letter of intent or letter of approval, with at least 10 per cent of the issued equity held by the existing company and the change of name would be permitted only if the new unit undertakes to take over the assets and liabilities of the existing unit.

The office can also permit enhancement, without any upper limit, in the value of imported capital goods, due to exchange-rate fluctuation, an official release said.

UNI

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