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“ICICI is an Indian bank, but it is over 50 per cent (equity) foreign owned, it is owned by foreigners in that sense…for downstream investment it is a foreign company…,” Department of Industrial Policy and Promotion (DIPP) Secretary R P Singh told reporters here.The government today said that ICICI Bank and other lenders whose more than 50 per cent equity is owned by overseas entities will be treated as a foreign company for the purpose of computing FDI.
India Thursday announced an updated foreign direct investment (FDI) policy that simplifies joint venture norms and opens up new areas for overseas funds. The updated policy allows overseas firms in existing joint ventures to operate separately in the same business segment. Earlier, they needed prior approval from their Indian partners. ” FDI policy is part of ongoing efforts of procedure simplification and foreign direct investment rationalisation, which will go a long way in inspiring investor confidence,” Commerce and Industry Minister Anand Sharma said in a statement.
Investment in infrastructure holds the key to India’s economic growth. It has been projected that India’s investment requirement in the 12th Five Year Plan is over a trillion USD of which half is expected to come from the private sector. To encourage greater private sector participation in the development of infrastructure in the country, the Union Finance Minister Shri Pranab Mukherjee during his budget speech of 2011-12 announced the decision of the government to further liberalise the policy relating to the investment in corporate bond market.
Circular 1 of 2011 on FDI- (i) Pricing of Convertible instruments. (ii) Inclusion of fresh items for issue of shares against non-cash considerations (iii) Removal of the condition of prior approval in case of existing joint ventures/ technical collaborations in the ‘same field” (iv) Guidelines relating to down-stream investments (v) Development of Seeds
Relaxing rules for foreign direct investment (FDI) in the country, the Government today decided to permit issuance of equity to overseas firms against imported capital goods and machinery. — D. Gopalakrishnan
The Reserve Bank on Wednesday prohibited Non-Banking Finance Companies (NBFCs) from contributing to the capital of a partnership firm or become a partner of such entities. The central bank also asked NBFCs, which have already contributed capital or are partner in such firms, to exit from such arrangements at the earliest.
K.K. Velusamy Vs. N. Palanisamy (Supreme Court) – A compact disc containing recording of telephone conversation could be valid evidence according to Section 3 of the Evidence Act and Section 2(t) of the Information Technology Act, the Supreme Court has stated in the case, K K Velusamy vs N Palanisamy. One of the parties in a suit over sale of property produced a CD in the court as evidence. The opposite party objected to its validity as evidence, arguing that the recordings were created with the help of mimicry specialists. In this context, the Supreme Court stated that electronically recorded conversation is admissible in evidence, if the conversation is relevant to the matter in issue and the voice is identified and the accuracy of the recorded conversation is proved by eliminating the possibility of erasure, addition or manipulation. A CD recording of a relevant conversation is comparable to a photograph of a relevant incident.
Faced with high defaults in provident fund contributions by employers, the Employees Provident Fund Organisation , or EPFO, has decided to give monthly updates of contributions instead of an annual statement. The EPFO expects this will bring instances of defaults by employers to the notice of workers, who, in turn, will put pressure to demand their dues.
The Supreme Court allowed the appeal of Dedicated Freight Corridor Corporation of India and upheld the acquisition of land in Etawa, Uttar Pradesh for a project. The complaint of the land losers was that the award of compensation for the acquisition was not given within the prescribed one year from the declaration. The Supreme Court ruled that though there was delay in the award, the acquisition itself did not lapse according to the provisions of the Railways Act. However, the court further said that the delay will entitle the land losers to get additional compensation at a rate not less than 5 per cent of the value of the award for each month of delay.
The second respondent (referred to as the `Developer’) entered into a development agreement with the owners of certain lands at Bachupally village, Qutubullapur Mandal, Ranga Reddy District, for constructing independent houses and multistoried Apartment buildings with common facilities in a layout known as `Hill County township’. The landowners as the first party, the developer as the second party and the first respondent who wanted to acquire an apartment therein as the third party entered into an agreement for sale dated 16.10.2006 under which the land-owners agreed to sell an undivided share equivalent to 87 sq.yds. out of a total extent of 16.95 acres to the first respondent and the developer agreed to construct a residential apartment measuring 1889 sq.ft. for the first respondent. The total consideration for the undivided share in the land, apartment and car parking space was agreed as Rs.55,89,368. The agreement contemplating the entire price being paid in installments, that is 10% on booking, 85% in seven instalments upto 15.3.2008 and 5% at the time of delivery. Clause (14) of the said agreement dated 16.10.2006 provided for settlement of disputes by arbitration.
