The Ministry of textiles in view of the various representations received from the industry regarding requirement to form a
new company and investment made thereto prior to 24th September 2021, has decided tha
t “A company though registered prior to date of notification i.e. 24th September 2021, but has not started production will be treated as a new company for the purpose of benefits under this scheme. However, the investment made prior to date of notification i.e. 24th September 2021 will not be counted for eligible investment.”

The said Notification No. 12015/03/2020-IT dated 24th September 2021 mentions that the applicant will form a separate company under Companies Act, 2013, before commencement of investment under this scheme. Investment made in anticipation after 24th September 2021 may be taken into account to meet investment criteria.

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