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Clarification on AIRCEL Issue.
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....larification on AIRCEL Issue. <br>News and Press Release<br>Dated:- 8-5-2012<br><BR>Press Information Bureau Government of India Ministry of Finance 08-May-2012 14:27 IST Clarification on AIRCEL I....
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....ssue The Central Government's attention has been drawn to a report in one newspaper containing allegations against a proposal for foreign investment that was considered by the Foreign Investment Prom....
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....otion Board (FIPB). The report is factually incorrect and totally baseless. Government had earlier issued a press release on April 28, 2012 regarding the foreign investment made by M/s. Global Commu....
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....nication Services Holdings Ltd, Mauritius to acquire 73.99 per cent equity in M/s. Aircel Ltd. The contents of that statement are correct and are reiterated. Subsequently another application was rec....
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....eived for downstream investment by M/s Global Communications Services Holdings Ltd. The relevant dates are: 1.9.2006 Application for Investment 3.10.2006 Meeting of FIPB: FIPB recommends proposal. ....
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....6.10.2006 Minutes of FIPB drawn up and moved by Deputy Secretary. 12.10.2006 Finance Minister approves the minutes. 20.10.2006 Formal letter of approval issued. It will be clear from the above that....
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.... the proposal was processed in the normal course and approval was granted in the normal course without any delay. It is unfortunate that baseless allegations are continued to be made without verifyin....
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....g the facts. ***** DSM/Hb<BR> News - Press release - PIB....