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        Case ID :
        Income Tax

        The Department of Economic Affairs, Ministry of Finance disposed off two FDI proposals involving Foreign Direct Investment (FDI) of ₹ 1.90 crore during November 2017

        December 6, 2017

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        During the month of November 2017, the Department of Economic Affairs (DEA), Ministry of Finance disposed off two FDI proposals involving Foreign Direct Investment (FDI) of ₹ 1.90 crore,

        1.     The following one (01) proposal has been approved:

        S. No

        Name of the applicant

        Gist of the proposal

        FDI (Rs. in crore)

        1

        Wells Fargo International Finance (India) Pvt Ltd

        Approval sought for issuance of equity shares to M/s Wells Fargo International Finance LLC and M/s Wells Fargo International Banking Corporation for meeting obligations pertaining to certain pre-operative/pre-incorporation expenses and the proposed voluntary liquidation of Wells Fargo India.

        1.90 crore

        2.     The following one (01) proposal has been rejected:

         S. No

        Name of the applicant

        Gist of the proposal

        1

        SBI Macquarie Infrastructure Management Pvt Ltd

        Approval sought for undertaking capital and profit repatriation to shareholders, and to continue to act as an asset manager and investment advisor without minimum capitalization norms.

        Foreign Direct Investment approvals: equity issuance permitted for restructuring; repatriation request for asset manager rejected. Department of Economic Affairs approved issuance of equity shares to foreign parent entities to meet pre-operative/pre-incorporation expenses in connection with the proposed voluntary liquidation of the Indian subsidiary, and rejected a separate request seeking capital and profit repatriation and continuation as an asset manager without complying with minimum capitalization norms.
                          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: equity issuance permitted for restructuring; repatriation request for asset manager rejected.

                                Department of Economic Affairs approved issuance of equity shares to foreign parent entities to meet pre-operative/pre-incorporation expenses in connection with the proposed voluntary liquidation of the Indian subsidiary, and rejected a separate request seeking capital and profit repatriation and continuation as an asset manager without complying with minimum capitalization norms.


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