2024 (3) TMI 957

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....e a joint venture between Tata Autocomp Systems Ltd. ("Tata Autocomp") and Hefei Guoxuan High-Tech Power Energy Co. Ltd. ("GOTION CHINA"), a company incorporated in the Republic of China. Petitioner was to be owned 60% by Tata Autocomp and 40% by GOTION China. 3. Subsequent to the incorporation of Petitioner and prior to the contribution to the share capital by the joint venture partners, the Foreign Direct Investment ("FDI") policy came to be amended. The amendment provided that any entity of a country, which shares the land border with India can invest only under the Government Rule. The FDI investments, therefore, from such entity would require prior approval of the Government of India. 4. Petitioner applied to the Government of India ....

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....r was given a personal hearing on or about 19th October 2023 by Member (IT&R), CBDT. Thereafter, the order dated 5th December 2023, that is impugned in this petition came to be passed. No affidavit in reply has been filed though petition was served on or about 8th February 2023. 9. Mr. Sharma states he has recently been instructed to take over the matter and undertakes to file vakalatnama within one week. He is seeking some time to file a reply. Mr. Agrawal, on instructions, states petition was served on Respondents on or about 8th February 2024 and, therefore, Respondents had almost six weeks to file a reply. We agree with Mr. Agrawal. Mr. Sharma states, the brief was earlier handed by Mr. Manwani, who has with effect from 6th March 2024 ....