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AI Drafter

Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

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The AI analyses your query, notice, order, or uploaded documents and identifies the key issues involved.

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Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.

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        News and Press Release

        8 FDI Proposals Approved

        December 14, 2010

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        Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 3, 2010, Government has approved 08 Proposals of Foreign Direct Investment amounting to Rs.883.166 crore approximately. 

        Following 8 (Eight) proposals have been approved.

        Sl. No.

        Name of theapplicant

        Particulars of the proposal

        FDI/NRIinflows (Rs. In crore)

        ECONOMIC AFFAIRS

        1

        M/s KnowledgeInvestments (Mauritius) Ltd., Mauritius

        Approval to purchase Class A Units of a Fund.

        0.026

        2

        M/s L&T FinanceHoldings Ltd., Mumbai

        Induction of foreign equity in an investingcompany by way of Initial Public Offer (IPO).

        641.25

        HEAVY INDUSTRIES

        3

        M/s Gigant IndiaAutomotive Pvt. Ltd.,Maharashtra

        Induction of foreign equity to set up a new JV through an investing company.

        1.47

        4

        M/s KonecranesFinance Corporation,Finland

        Induction of foreign equity in a company engagedin the financing, investment and consultancyactivities in the field of manufacture of cranes.  The proposal attracts para 4.2.2 of Circular No. 2 of 2010 of the Consolidated FDI Policy.

        169.00

        CORPORATE AFFAIRS

        5

        M/s CatvisionProducts Limited, Delhi

        To issue and allot convertible warrants to carry outthe business of manufacturing of CATV equipment. 

        1.38

        DEFENCE

        6

        M/s Tata Advanced Systems Limited, Delhi

        Induction of foreign equity to undertake activityrelating to defence production.

        42.82

        POST

        7

        M/s Elbee ExpressPvt. Ltd.

        To increase foreign equity participation to carry outthe business of providing courier and logistics activities. 

        27.22

        TELECOMMUNICATIONS

        8

        M/s Alan Dick &Company (India) Pvt. Ltd., Thane

        To undertake the additional activity relating toinfrastructure provider (IP Category I).

        No FreshInflow

        The following 14 (Fourteen) proposals have been deferred:

        Sl. No

        Name of theapplicant

        Particulars of the proposal

        1

        M/s Intel CapitalCorporation, U.S.A.

        To make investment by subscribing to warrants in an investingcompany.

        2

        M/s ABG Shipyard Ltd., Mumbai

        To enter into Defence Contracts

        3

        M/s B4U TelevisionNetwork (India) Pvt Ltd.

        Induction of foreign equity by an erstwhile OCB to carry out thebusiness of up-linking a non-news and current affairs TV channel.

         

        4

        M/s HindalcoIndustries Ltd., Mumbai

        Ex-post-facto approval for issuance of partly paid up shares.

        5

        M/s LakshmiMachine Works Ltd., Tamil Nadu

        To undertake activities of manufacture parts, components andaccessories for aircraft and spacecraft to be supplied to civil anddefence sectors.

         

        6

        M/s VerizonCommunications IndiaPvt. Ltd.

        Transfer of equity shares from non-resident shareholder to non-resident group in Telecom Sector.

        7

        M/s Pran Beverages (India) Pvt. Ltd., Kolkata

        Induction of foreign equity by a company from Bangladesh.

        8

        M/s Checkmate Services Pvt. Ltd.,Gujarat

        Induction of foreign equity in a company engaged in privatesecurity services.

        9

        M/s RelianceBroadcast Network Ltd., Mumbai

        Induction of foreign investment by FIIs, NRIs by way of freshallotment of shares by private placement or otherwise and/or investments through Stock Exchanges by way of portfolioinvestments, upto the limit of 20% of the total aid up capital of thecompany. The company is engaged in FM Radio Broadcasting.

        10

        M/s Essar CapitalHoldings (India) Ltd., Mumbai

        Acquisition of equity shares by way of subscription to new equity shares and/or purchase of existing equity shares in an investingcompany engaged in the telecom sector.

        11

        M/s WirelessBusiness Services Pvt. Ltd., Mumbai

        Induction of foreign equity to carry out the business of internetand broadband services.

        12

        M/s Wireless Broadband BusinessServices (Haryana) Pvt. Ltd., Delhi

        Induction of foreign equity to carry out the business of internetand broadband services.

        13

        M/s Wireless Broadband BusinessServices (Delhi) Pvt. Ltd., Delhi

        Induction of foreign equity to carry out the business of internetand broadband services.

        14

        M/s Wireless Broadband BusinessServices (Kerala) Pvt. Ltd., Delhi

        Induction of foreign equity to carry out the business of internetand broadband services.

        The following 6 (Six) proposals have been rejected:

        Sl. No

        Name of the applicant

        Particulars of the proposal

        1

        M/s Pharmac Analytic Solutions Pvt. Ltd.,Bangalore

        Issue of shares for other than inward remittances.

        2

        M/s Asha-Kiran Shelters Foundation, Pune

        Ex-post-facto approval for induction of foreign equity to carryout social rehabilitation centre.

        3

        M/s Forbes BumiArmada Ltd

        To make an amendment in the FC approval.

        4

        M/s Associated Broadcasting Co. Pvt. Ltd.,Hyderabad

        In pursuance of the merger proposal to issue and allotcompulsory convertible preference shares on the date ofcompletion of the merger. The company is engaged in the TVChannel Broadcasting.

        5

        M/s FlagshipInfrastructure Pvt. Ltd., Mumbai

        Ex-post-facto approval for issuance of warrants.

        6

        M/s DLF Limitless Developers Pvt. Ltd., Delhi

        Transfer of shares from NR to Resident prior to expiry of 3 years from completion of minimum capitalization norms of the company.

        The following 2 (Two) proposals have been withdrawn from the agenda.             

        Sl. No

        Name of the applicant

        Reasons

        1

        M/s Forbo Holding AG,Lindenstrasse,Switzerland

        Withdrawn from the Agenda as the applicant has not providedthe additional information.

        2

        M/s MSC Agency(India) Pvt. Ltd., Mumbai

        Withdrawn from the Agenda since the activity is on automaticroute, FIPB approval is not required.

        The following 01 (One) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs. 1200.00 crore.     

        Sl. No

        Name of theapplicant

        Particulars of the proposal

        FDI/NRI inflows (Rs. in crore)

        1

        M/s Enam IndiaInfrastructure FundLimited, Mauritius

        Investment by subscribing to the Class A units of a Fund.

        5750 (maximum, exactquantum to be communicateon closure of fund.

        Foreign direct investment approvals: multiple sectoral equity infusions and entry conditions following FIPB recommendations. FIPB recommended Government approval for eight foreign direct investment proposals spanning fund unit purchases, IPO-based foreign equity induction, new joint-venture formation, equity infusion into a crane-related finance company (subject to a specified Consolidated FDI Policy paragraph), issuance of convertible warrants for CATV equipment manufacture, foreign participation in defence production, increased foreign equity in courier/logistics, and adding infrastructure provider activity in telecommunications; one approved telecom proposal involved no fresh inflow.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Foreign direct investment approvals: multiple sectoral equity infusions and entry conditions following FIPB recommendations.

                                FIPB recommended Government approval for eight foreign direct investment proposals spanning fund unit purchases, IPO-based foreign equity induction, new joint-venture formation, equity infusion into a crane-related finance company (subject to a specified Consolidated FDI Policy paragraph), issuance of convertible warrants for CATV equipment manufacture, foreign participation in defence production, increased foreign equity in courier/logistics, and adding infrastructure provider activity in telecommunications; one approved telecom proposal involved no fresh inflow.





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                                ActsIncome Tax
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