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Government has permitted the financially-troubled Maytas Properties to surrender its biotech special economic zone, Maytas Ventures.
The Maytas will also have to refund the Rs 31 lakh that was the service tax exemption provided to the company by the commerce ministry’s Board of Approval.
A request had been put forward by the company to "denotify" the project due to weak market conditions. The project is located near Hyderabad.
But the board has postponed a decision on the Mukesh Ambani-promoted Reliance Haryana SEZ's request for allowing more time to complete the project. The authorities have already given two extensions to the Reliance project, being developed in Gurgaon.
The board has also cleared three new proposals, including the Brooke Bond real estate’s IT enclave in Karnataka.
The BoA meeting was headed by Commerce Secretary, Rahul Khullar.
