SEBI ICDR Regulations, 2018 - By not locking entire pre-preferential allotment shareholding of two allottees Noticee violated SEBI ICDR Regulations : SEBI (See 'Legal Desk') Arbitration Act - Serving officer of respondent shall act as arbitrator is invalid stipulation which makes it incumbent on Court to appoint independent sole arbitrator to adjudicate disputes : HC (See 'Legal Desk') SEBI Act - Appellant is misleading its investors that it is registered with SEBI as investment advisor and played fraud in violation of IA Regulations : SAT (See 'Legal Desk') CCI okays subscription to CCPS B of API Holdings by MEMG LLP and 360 ONE (See 'Corp Brief') PMLA - Court will not cancel interim bail granted to respondent as interim bail is about to expire within short period of time : HC (See 'Legal Desk') CCI approves 100% acquisition of Lanco Amarkantak Power by Adani (See 'Corp Brief') CGST Act - Case does not fall under ambit of Anti-Profiteering provisions of CGST Act : CCI (See 'Legal Desk') BRO connects strategic Nimmu-Padam-Darcha road in Ladakh (See 'Corp Brief') Arbitration Act - Any party having failed to make substantive claim in arbitral proceedings, cannot seek recovery by way of interim mandatory injunction u/s 17 : HC (See 'Legal Desk') SEBI Act - Trading pattern of appellants with other noticees indicate that there is meeting of mind between appellants and other noticees : SAT (See 'Legal Desk') SARFAESI Act - Respondent shall not take any coercive steps against Petitioner prior to 15th March, 2024 provided Petitioners file appeal before DRAT on or before March 01, 2024 : HC (See 'Legal Desk') Guj Govt sets up Telecom Facilitation Centre to support stakeholders (See 'Corp Brief') SEBI Act - SEBI shall not initiate any enforcement action against Applicant for SAST violations provided representation made in settlement proceedings are subsequently not found untrue : SEBI (See 'Legal Desk') India, Bhutan ink MoUs on clean energy, agriculture & tourism (See 'Corp Brief') PMLA - Surgery of knee cannot be categorized as 'life-threatening situation' and surgery which is to be undergone by applicant is not of such nature which necessitates applicant's release on interim bail only : HC (See 'Legal Desk') NCC, NPCIL ink MoU to raise awareness on peaceful use of nuclear power (See 'Corp Brief') SEBI - Any violation committed by Company which is fraudulent in nature has to be attributed to individual acting as Director at relevant point of time : SAT (See 'Legal Desk') Golden Jubilee Celebration of KVKs held in Puducherry (See 'Corp Brief') PMLA - Court declined to grant bail to Satyendar Jain in money laundering case and also cancelled interim bail granted as there are sufficient material collected by ED to show that he is prima facie guilty of alleged offences : SC (See 'Legal Desk') 42nd IPHE Steering Committee to be hosted by EU (See 'Corp Brief') IBC - Application filed u/s 7 of code can be admitted as debt and default has been established : NCLT (See 'Legal Desk')

Govt invites FDI in Defence sector

Published: Sep 16, 2021

By TIOLCorplaws News Service

NEW DELHI, SEPT 16, 2021: THE Raksha Mantri Mr Rajnath Singh has invited US companies to invest in India and contribute in realising the dream of 'Make in India, Make for the World' envisioned by Prime Minister Mr Narendra Modi. He was delivering the inaugural address at the 18 th India-US Economic Summit, on the theme 'Bouncing Back - Resilient Recovery Path Post COVID-19', organised by Indo-American Chamber of Commerce through video conferencing on September 15, 2021.

Terming defence sector as an integral part of not just the security but overall growth of the country, Mr Rajnath Singh stated the initiatives taken by the Government have transformed India into a strong and reliable investment destination. He said, India is now home to stable and secure government which focuses on economic growth through series of reforms. He added that robust domestic demand and availability of talented young work force & innovation make India a major investment destination.

The Raksha Mantri called upon the industry leaders to focus on transfer of technology through joint ventures to realise the country's true potential in defence sector. The foreign OEMs can set up manufacturing facilities individually or partner with Indian companies through a JV or technology agreement to capitalise on the 'Make in India' initiative, he added. Mr Rajnath Singh exhorted them to begin the process of Research and Development with the young minds of the country which will increase the linkages among the industries and create an ecosystem through equal contribution from academia and research.

Mr Rajnath Singh emphasised that there is a lot of scope for the American and Indian defence Industries for co-production and co-development, adding that Indian industry can supply components to American Industries. Expressing confidence that American firms will find India as a major investment destination for defence manufacturing, he assured the Industry that the Government is open for new ideas to create a business-friendly environment in India and is committed to push all types of entrepreneurship and manufacturing in the defence sector.

The Raksha Mantri said the summit is taking place at a time when India is celebrating 75 th year of Independence, terming it a platinum opportunity for foreign industries, especially US companies, to contribute in building 'Aatmanirbhar Bharat'. "I am sure that the economic and strategic partnership between India & US will act as a spring board and the forum will act as a bridge to achieve this," he added.

Shedding light on the growing ties between India & US, Mr Rajnath Singh said the Comprehensive Global Strategic Partnership, 2+2 Dialogue, Quad Security Dialogue and agreements like Logistics Exchange Memorandum of Agreement (LEMOA) and Communications Compatibility and Security Agreement (COMCASA) have taken the bilateral relations to greater heights. He, however, emphasised that the relations are yet to receive its full potential, saying that several progressive policies have been put in place in the last two years that have given the defence sector an unexpected growth trajectory.

The measures include setting up of Defence Industrial Corridors in Uttar Pradesh & Tamil Nadu; increasing the FDI limit to 74 per cent through automatic route and 100 per cent through Government route under certain circumstances; inclusion of 'Buy and Make' category in Defence Acquisition Procedure-2020 which provides a vendor with an economical workforce and India gets technology & trained manpower; draft Defence Production and Export Promotion Policy (DPEPP-2020) with provisions to incentivise foreign investment and notification of two positive indigenisation lists to increase business collaboration.

The Raksha Mantri highlighted that, despite the COVID-19 situation, the country's economy is back on track due to the steps taken by the Government. "India's GDP has shown a 'V' shaped growth curve in the last two years. Where the growth witnessed a contraction of 24 per cent last year, a jump of 20 per cent has been seen in the first quarter of this year. It is a reflection of the country's sound economic fundamentals," he said.

Mr Rajnath Singh further said, "We are expecting double digit growth in FY-22 despite the challenge of COVID-19. But, the challenge will be to maintain a healthy growth rate of 7-8 per cent in the years after FY-22. Under the leadership of Prime Minister Mr Narendra Modi, we are preparing for dynamic growth much beyond FY-22." He added that major structural & procedural reforms in the seven years have prepared India to take a quantum jump in terms of growth. Formulation of progressive & investor friendly tax policies, increased focus on ease of doing business, agriculture and labour reforms are some of the initiatives that have laid the foundation of a 'New India', he stated.

The Raksha Mantri also lauded the Indian industry for fulfilling the requirement of masks, PPE kits, ventilators and working with the Government to deal with the pandemic. He added that the Industry is playing a significant role in the world's largest vaccination drive being undertaken in India.

The 18th Indo-US Economic Summit has been organised keeping in view the important role India & US can play in the post-COVID-19 economic recovery. Business leaders of India & US attended the event virtually. The summit also comprises sessions on social issues like women empowerment. The IACC is the apex bilateral Chamber that aims to synergise the India-US Economic Engagement.

TIOL CORP SEARCH

TIOL GROUP WEBSITES