Mineral production grows by 8 percent in February (See 'Corp Brief') SARFAESI Act - Court refrains to adjudicate matter on merits when matter is already pending in DRAT : HC (See 'Legal Desk') Coal production in April up by 7.4% (See 'Corp Brief') SEBI Act - Appellants have made case for stay as rigours of directions of SEBI order would adversely affect business of Appellant as well as their clients : SAT (See 'Legal Desk') Trade Mark Act - Marks 'BETSONE' and 'BETASON' are deceptively similar to registered trademark 'BETNESOL' and visually, phonetically and structurally alike, with minimal alterations : HC (See 'Legal Desk') Voting by tribal communities blossoms as ECI's outreach to them bears fruit (See 'Corp Brief') SARFAESI Act - No fault can be found with respondent financial institution invoking Section 14 of SARFAESI Act by approaching District Magistrate, Rewa : HC (See 'Legal Desk') Ministry of Parliamentary Affairs observes Swachhata Pakhwada (See 'Corp Brief') Arbitration Act - Arbitral award cannot be interfered with if view of arbitral tribunal is plausible one : HC (See 'Legal Desk') IBC - Asset memorandum shall not be accessible to any person during liquidation : IBBI (See 'Legal Desk') Critical Minerals Summit concludes (See 'Corp Brief') Cr.P.C. - While adjudicating on bail application court is duty bound to ensure that accused's right to life and right to health is not violated : HC (See 'Legal Desk') PMLA - Petitioner cannot claim bail as matter of right for treatment only at specialized hospital of his choice : HC (See 'Legal Desk') SEBI (Research Analysts) Regulations, 2014 for ontravention of RA Regulations Certificate of Registration of Noticee Gaurav Sarda can be cancelled : SEBI (See 'Legal Desk') REC Ltd declares financial results, records highest ever annual net profit (See 'Corp Brief') Trade Marks Act - Defendant's adoption of Trademark is not in good faith and potential confusion encroaches upon Plaintiff's statutory trademark rights : HC (See 'Legal Desk') SEBI Act - Noticee was maintaining call records which were sent to SEBI : SEBI (See 'Legal Desk') Arbitration - Petition u/s 29A for extension of mandate of Arbitral Tribunal can be filed even after mandate has expired : HC (See 'Legal Desk') Mines Ministry to hold 2-day Critical Minerals Summit (See 'Corp Brief') IBC - When one party owes debt to another and creditor is claiming under written agreement providing for rendering 'service', debt is operational debt if claim of debt has some connection with service : SC (See 'Legal Desk') Companies Act - Stamp duty @5% market value of property is liable to be paid only when property is situated within State of Madhya Pradesh otherwise not : HC (See 'Legal Desk') SEBI Act - Final opportunity of inspection of documents and cross-examination of witnesses should be given to Appellants : SAT (See 'Legal Desk') SARFAESI Act - Mere discovery of new or important matter or evidence is not a sufficient ground for review ex debito justitiae : HC (See 'Legal Desk') Conference organized on Maritime Amrit Kaal Vision 2047 (See 'Corp Brief') PMLA -Bail application can be dismissed as petitioner failed to satisfy conditions for grant of bail : HC (See 'Legal Desk') CSIR, NIScPR organize national workshop to celebrate World Intellectual Property Day (See 'Corp Brief') SEBI Act - Appellants have failed to substantiate their claim of financial distress nor have they brought any new fact or circumstances requiring grant of interim relief : SAT (See 'Legal Desk') ACC delivers lifetime highest annualised PAT (See 'Corp Brief') Trade Mark Act - Marks are visually phonetically and deceptively similar to Plaintiffs' trademarks : HC (See 'Legal Desk') SJVN inaugurates First Multi-purpose Green Hydrogen Pilot Project (See 'Corp Brief') IBC - Even if CIRP commences, Directors, who are incharge of affairs of Company cannot be absolved of any wilful default committed by borrower Company : HC (See 'Legal Desk') REC to extend loan of Rs 1869 Cr for Kiru Hydro Electric Project (See 'Corp Brief')

Print

Six FDI proposals receive govt approval

Published: Apr 25, 2017

By TIOLCORP News Service

NEW DELHI, APR 25, 2017: Based on the recommendations of the Foreign Investment Promotion Board (FIPB), the Government has approved six Foreign Direct Investment (FDI) proposals and recommended one proposal for the Cabinet Committee on Economic Affairs (CCEA).

The six proposals which have been approved are as follows:

S. No

Name of the applicant

Gist of the proposal

Sector

FDI (Rs.  crore)

1

M/s PMC Group International

Approval has been sought for:  (i) undertaking foreign investment upto 100%, through a newly incorporated Indian company M/s PMC YM-Pharma Private Limited and (ii) PMC YM-Pharma would purchase the manufacturing facility of an existing Indian pharmaceutical company Yegna Manojavam Drugs and Chemicals Limited.

Pharma

65.00

2

M/s Enaltec Labs Private Limited

Post facto approval has been sought for issuance of CCPS to Medtech Limited, UAE in February 2012 and subsequent transfer of such CCPS by Medtech to Scitech Limited, UAE in March 2013.

Pharma

No fresh inflow

3

M/s Powervision Export and Import India Private Limited 

M/s Powervision Export and Import India Private Limited has sought approval for foreign investment by a Bangladeshi citizen, which is an existing shareholder and director of the company.

Whole sale Trading

3.38

4

M/s Crown Cement Manufacturing India Pvt Ltd

Approval has been sought for foreign investment from a Bangladeshi entity, M/s M.I. Cement.

Manufacturing

15.51

5

M/s Bigtec Pvt. Ltd (Bigtec)

Bigtec, an Indian Company, has sought post facto approval for swap of shares to its holding Company, M/s Bigtec Innovations Private Limited (BIPL), also an Indian Company, in the fair exchange ratio (for every 1 share of Bigtec, 2 shares of BIPL was allotted).

Pharma

Nil

6

M/s Entrepreneur India Media Private Limited

Approval has been sought for undertaking the additional business of publishing scientific and technical magazines

Publishing

0.80

The following proposal has been recommended for CCEA approval:

S. No

Name of the applicant

Gist of the proposal

Sector

FDI (Rs.  crore)

1

M/s Gland Pharma Limited

M/s Gland Pharma Limited, a brownfield pharmaceutical Indian company, is seeking approval for its initial acquisition of up to 86.08% by M/s Shanghai Fosun Pharmaceutical (Group) Company Limited, a public listed company incorporated in China through its subsidiaries outside India namely M/s Fosun Pharma Industrial Pte. Ltd. , M/s Fosun Industrial Co Limited,  Ample Up Limited, M/s Lustrous Star Limited and M/s Regal Gesture Limited  and subsequently, Fosun also has the contractual right to acquire 100% shares of Gland Pharma from the other shareholders of the Company in one or more tranches.

Pharma

4,315.00

However, the proposals of the following companies have been deferred:

1. Geodis Overseas Pvt. Ltd

2. Sistema Shyam TeleServices Limited

3. Hindustan Ports Private Limited

4. Datawind Innovations Private Limited

5. Vodafone Mobile Services Limited 

6. HSBC Securities and Capital Markets (India) Private Limited

7. Ubiquity SRL

8. Ghel Rendev India Private Limited

9. G4S Secure Solutions (India) Private Limited

10. Celon Laboratories Limited

The proposals belonging to the 5 companies have been rejected namely - PERI India Pvt. Ltd, Limpkin Telecom Private Limited, LS Cable India Private Limited, Maxaim Network Private Limited and Xerox India Limited.

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