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Tag: FIPB

  • FIPB refuses to consider Turmeric Vision proposal for contravention of foreign equity of 80%

    FIPB refuses to consider Turmeric Vision proposal for contravention of foreign equity of 80%

    NEW DELHI: Even as it refused to consider a proposal by M/s Turmeric Vision Private Limited on the ground that this does not come within its domain, the Foreign Investments Promotion Board has deferred a proposal by M/s Quintillion Business Media Private Limited seeking approval for the issuance of equity shares to BLOOMBERG L.P.

    With regard to the Quintillion proposal, the Finance Ministry said “the investee company is proposed to be engaged inter alia in the uplinking and broadcasting of a business news television channel and operating the related digital content platform in India”.

    Turmeric Vision Private Limited had sought Post facto approval for contravention of the foreign equity of 80% as approved vide approval letter of even no. FC II 60(10)/91(2010) of 14 June 2010.

    FIPB also deferred a proposal by M/s Tikona Digital Networks Pvt Ltd for approval for the issuance of CCDs thereby increasing foreign equity to 76.73%; and a proposal by Netmagic Solutions Private Limited for increase in the shareholding of NTT Communications Corporation, Japan, in the company from 81.63% to 100%.

    The Board rejected a proposal by M/s Sistema ShyamTeleServices Limited seeking approval for the exit of the resident shareholders and transfer of their holdings to the existing foreign shareholders i.e. M/s Sistema Joint Stock Financial Corporation, Russia and Federal Agency for the State Property Management (Rosimushchestvo), thereby increasing the foreign shareholding in the company from 73.95% to 100% and consequently increasing the foreign shareholding in its downstream company i.e. Shyam Internet Services Limited to 100%.

  • Govt defers decision on FDI for Vodafone to acquire You Broadband

    Govt defers decision on FDI for Vodafone to acquire You Broadband

    NEW DELHI: The Government has deferred a decision on a proposal for acquisition of You Broadband India Ltd by Vodafone India Ltd.

    The Foreign Investments Promotions Board had received the proposal by Vodafone for investing the entire share capital (100 per cent) of the broadband company.

    Meanwhile, the Finance Ministry on the recommendation of FIPB rejected the proposal by BMJ Group India Private Limited to expand the scope of its business activities by engaging in the business of publication of certain scientific/specialty healthcare journals/periodical in line with the original edition of foreign publication being published by its holding company that is BMJ Publishing Group Limited, United Kingdom.

    It also rejected the proposal by ExzatechSolutions Ltd for incorporating a wholly owned subsidiary in India whose main operations would be in the field of IT Sector.

    As the applicant company is situated in Bangladesh and is going to incorporate a wholly owned subsidiary company in India, it comes under approval route.

  • Govt defers decision on FDI for Vodafone to acquire You Broadband

    Govt defers decision on FDI for Vodafone to acquire You Broadband

    NEW DELHI: The Government has deferred a decision on a proposal for acquisition of You Broadband India Ltd by Vodafone India Ltd.

    The Foreign Investments Promotions Board had received the proposal by Vodafone for investing the entire share capital (100 per cent) of the broadband company.

    Meanwhile, the Finance Ministry on the recommendation of FIPB rejected the proposal by BMJ Group India Private Limited to expand the scope of its business activities by engaging in the business of publication of certain scientific/specialty healthcare journals/periodical in line with the original edition of foreign publication being published by its holding company that is BMJ Publishing Group Limited, United Kingdom.

    It also rejected the proposal by ExzatechSolutions Ltd for incorporating a wholly owned subsidiary in India whose main operations would be in the field of IT Sector.

    As the applicant company is situated in Bangladesh and is going to incorporate a wholly owned subsidiary company in India, it comes under approval route.

  • Finance Ministry defers Jasper Infotech’s investment proposal in Den’s Macro Commerce

    Finance Ministry defers Jasper Infotech’s investment proposal in Den’s Macro Commerce

    New Delhi: The Finance Ministry has deferred a decision on a proposal by Jasper Infotech Private Limited which wanted to make downstream investment in Macro Commerce Private Limited.

    The investment was for uplinking of Non-news TV channels by purchasing 50 percent stake in the company from Den Networks Limited, its existing holding company.

    Approval has been deferred for foreign investment of up to 100 percent in a new company proposed to be incorporated in India by publishing firm Macmillan Publishers International Ltd, UK.

    The decisions of the ministry are on the recommendations of the Foreign Investments Promotion Board (FIPB).

  • Finance Ministry defers Jasper Infotech’s investment proposal in Den’s Macro Commerce

    Finance Ministry defers Jasper Infotech’s investment proposal in Den’s Macro Commerce

    New Delhi: The Finance Ministry has deferred a decision on a proposal by Jasper Infotech Private Limited which wanted to make downstream investment in Macro Commerce Private Limited.

    The investment was for uplinking of Non-news TV channels by purchasing 50 percent stake in the company from Den Networks Limited, its existing holding company.

    Approval has been deferred for foreign investment of up to 100 percent in a new company proposed to be incorporated in India by publishing firm Macmillan Publishers International Ltd, UK.

    The decisions of the ministry are on the recommendations of the Foreign Investments Promotion Board (FIPB).

  • DEN to get foreign investment by way of shares but within limit approved in August

    DEN to get foreign investment by way of shares but within limit approved in August

    NEW DELHI: DEN Networks Limited has been permitted to get foreign investment in the company by way of issue of shares or underlying securities like QIIs/ADRs/GDRs/FCCBs and other permitted securities for its telecom business.

    However, the Foreign Investments Promotion Board (FIPB) has said that DEN had been granted approval on 14 August last year for investment from FIIs/NRIs/FPIs upto 74 per cent in the company and this fresh application would be within the same approved foreign investment limit and thus involve no extra foreign investment.

    At the same time, the Ministry approved the proposal by the telecom player Atria Convergence Technologies seeking approval for transfer of its shares from existing non-resident shareholders to Argan (Mauritius) Limited and TA FVCI Investors Limited. This will not involve any foreign investment.

    The Ministry forwarded to the Cabinet Committee on Economic Affairs the proposal of ATC Asia Pacific Pte. Ltd seeking approval has been sought for acquisition of 51 per cent of the shareholding of Viom Networks Limited by ATC Asia Pacific Pte. Ltd. (ATC Singapore) by way of transfer from existing shareholders as it involved a huge foreign direct investment of Rs 5856.51 crore.

    On the other hand, the Finance Ministry on the advice of FIPB deferred the proposal by Jasper Infotech for making downstream investment in Macro Commerce by purchasing 50 per cent stake in the company from DEN Networks, which is its existing holding company.

  • DEN to get foreign investment by way of shares but within limit approved in August

    DEN to get foreign investment by way of shares but within limit approved in August

    NEW DELHI: DEN Networks Limited has been permitted to get foreign investment in the company by way of issue of shares or underlying securities like QIIs/ADRs/GDRs/FCCBs and other permitted securities for its telecom business.

    However, the Foreign Investments Promotion Board (FIPB) has said that DEN had been granted approval on 14 August last year for investment from FIIs/NRIs/FPIs upto 74 per cent in the company and this fresh application would be within the same approved foreign investment limit and thus involve no extra foreign investment.

    At the same time, the Ministry approved the proposal by the telecom player Atria Convergence Technologies seeking approval for transfer of its shares from existing non-resident shareholders to Argan (Mauritius) Limited and TA FVCI Investors Limited. This will not involve any foreign investment.

    The Ministry forwarded to the Cabinet Committee on Economic Affairs the proposal of ATC Asia Pacific Pte. Ltd seeking approval has been sought for acquisition of 51 per cent of the shareholding of Viom Networks Limited by ATC Asia Pacific Pte. Ltd. (ATC Singapore) by way of transfer from existing shareholders as it involved a huge foreign direct investment of Rs 5856.51 crore.

    On the other hand, the Finance Ministry on the advice of FIPB deferred the proposal by Jasper Infotech for making downstream investment in Macro Commerce by purchasing 50 per cent stake in the company from DEN Networks, which is its existing holding company.

  • Reliance Globalcom denied permission to acquire GCX India

    Reliance Globalcom denied permission to acquire GCX India

    NEW DELHI: The Government has denied permission to Reliance Globalcom Ltd to take over GCX India Ltd.

     

    The Finance Ministry on the recommendations of the Foreign Investments Promotion Board (FIPB) rejected the proposal by Reliance for the India owned and controlled company.

     

    GCX Ltd is involved in database activities and distribution of electronic content, which includes data base development, data storage and data base availability.

     

    Meanwhile, the Government deferred a decision by FireFly Networks Limited for 50 per cent existing foreign investment (indirect) and to permit commencement of activities as a Telecom Infrastructure Provider Category-I (IP1).

  • Den Network gets board nod to include primary market route for foreign investment

    Den Network gets board nod to include primary market route for foreign investment

    MUMBAI: Den Network’s board of directors has given its nod for filing of application to Foreign Investment Promotion Board (FIPB) for modification of the approval to include the primary market route as well. 

     

    The primary market route could  include issuance of long term securities including equity, quasi equity, GDR, QIP, FCCB, preferential allotment, bonds or any other appropriate securities, subject to the approval of the shareholders and all other applicable laws and statutory approvals as may be required.

     

    The board considered that the company has already got the approval from FIPB, Ministry of Finance on 14 August, 2015 to increase foreign investment limit in the company beyond 49 per cent and up-to 74 per cent by FIIs, NRIs, FPls and other eligible foreign investors through the route of secondary market and open market purchase. 

     

    It may be recalled that late last month, the Reserve Bank of India (RBI) too gave the company its approval for foreign investors to raise their stake in the company up to 74 per cent.

     

    At the end of the September quarter (Q2-2016), foreign portfolio investors (FPIs) held a 22.79 per cent stake in the company, whereas the promoters’ stake in the cable operator was 40.05 per cent.

     

    The company’s Board of Directors, at its meeting held on 3 November, also approved the resignation of nominee director of the company Shahzaad S Dalal. 

     

    Den also approved the appointment of Krishna Kumar as non executive nominee director of the company.  

     

    Den Network will also seek approval from the Ministry of Information and Broadcasting (MIB) and statutory authorities for the appointment of Archana Hingorani as non-executive nominee director.

  • FIPB rejects Irish animation firm’s proposal to set shop in India

    FIPB rejects Irish animation firm’s proposal to set shop in India

    NEW DELHI: The Foreign Investments Promotion Board (FIPB) has rejected the proposal by Irish animation firm DW Animation Ireland Limited for setting up of an LLP in India.

     

    The proposed FDI (foreign direct investment) was of a mere Rs 99,980 amounting to $1,587 contributing 99.98 per cent of the capital of LLP by DW Animation Ireland Limited; and Rs 10 amounting to $0.16 contributing 0.01 per cent of the capital of LLP by Robert Alan Kelly.

     

    The FIBP also rejected the proposal by Atria Convergence Technologies for 100 per cent transfer of shares from existing shareholders to new Foreign Investors Argan (Mauritius) Limited and TA FVCI Investors Limited. 

     

    On the other hand, the Finance Ministry on the recommendation of the FIPB accepted a proposal by International Trade and Exhibitions India for proposed expansion of the scope of its business activities in printing, publishing and circulating or otherwise, dealing in all types of books, scientific and technical magazines, specialty journals, periodicals and other publications but not in any manner dealing with news and current affairs. However, this proposal does not involve any FDI.