FIPB split over Bates' Sercon stake buy. Ravi Shastri's firm alleges violation of Press Note 1.
The government has approved 16 projects envisaging foreign investment worth Rs 1,647 crore (Rs 16.47 billion), while deferring Punj Lloyd's proposals for lack of security clearance.
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As per the FIPB agenda, the proposal will be taken up on October 18.
When asked whether the Reserve Bank of India had sent any further comments, Dua replied in the negative.
Jet Airways' plan to raise funds from international institutional investors will come up for approval by the Foreign Investment Promotion Board this week.
The proposal was cleared by FIPB at its meeting on March 30, 2005.\n\n
This is the largest investment in the single-brand retailing ever since the government has allowed foreign direct investment.
The Singapore subsidiary of the UK-based GlaxoSmithKline plans to buy 24.33 per cent stake or 2.06 crore equity shares in GlaxoSmithKline Pharmaceuticals Ltd through an open offer.
UK-based Vodafone is not the only one awaiting the Indian government's call on its purchase of stake in Hutch-Essar, US coffee retail giant Starbucks is also anxiously looking for a decision on the issue.
UK's Vodafone is learnt to have approached the Foreign Investment Promotion Board for approval to acquire 52 per cent stake of Hong Kong-based Hutchison Telecom in mobile firm Hutch-Essar and also for investing in telecom activities.
The Foreign Investment Promotion Board has pulled up the department of revenue for rejecting all foreign direct investment proposals in which funds are routed through Mauritius and said it has taken a conscious policy decision to overrule such objections.
Motorola's long-pending proposal to undertake wholesale marketing, cash and carry stocking and sale of goods has been cleared by the Foreign Investment Promotion Board, the company said in a statement on Friday.\n\n\n\n
Divestment ministry is believed to have received an in-principle nod from FIPB for participation of FIIs, NRIs, and OCBs in the ensuing public offer government equity in car-maker Maruti Udyog Limited.
The Foreign Investment Promotion Board, the nodal body for approving foreign direct investment in the country, has given its nod to a proposal from Germany-based Deutsche Bank to buy a 5 per cent stake in the Delhi Stock Exchange.
FIPB rejected the proposal on the grounds that it did not comply with the 26 per cent cap on foreign direct investment in insurance ventures, government sources said.
According to finance ministry officials, Bharti which is in exclusive talks with MTN till September 31, will also have to seek the approval from the Foreign Investment Promotion Board if the foreign direct investment limit (direct or indirect) crosses the 49 per cent limit.
The Foreign Investment Promotion Board on Friday gave conditional approval to the proposal of InterGlobe Aviation which would pave the way for fresh foreign direct investment in private air carrier IndiGo.
Soft drinks and foods major Pepsico India Holdings Pvt Ltd has applied to the Foreign Investment Promotion Board to invest an additional $200 million (around Rs 950 crore) as equity in its Indian operations.
The Finance Ministry further said decision on seven FDI proposals has been deferred.
JV will set up a full-service carrier based out of New Delhi.
Chidambaram has not been named as an accused in the FIR and the CBI is yet to file a chargesheet in the matter.
AirAsia, the largest low-cost airline in Asia, announced the JV with Tatas late February. Last month FIPB had approved the proposal.
Apart from INX Media and Aircel-Maxis, the four other firms which are under the scanner are Diageo Scotland, Essar Steel, Katara Holdings and Elforge Ltd. These firms were granted FIPB approval when Chidambaram was the FM, reports Shrimi Choudhary.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
Mukerjea recorded her statement under the Prevention of Money Laundering Act and said she and her husband Peter Mukerjea met Chidambaram at his office in Delhi's North Block.
The government on Friday cleared British telecom firm Vodafone's application for buying a majority stake in India's fourth-largest mobile operator Hutch-Essar Ltd.
Official sources said the proposal of Essar, which was seeking to increase its equity held through foreign subsidiaries by 6.26 per cent to 22.04 per cent has been approved.
The case is related to the alleged irregularities in granting clearance by the Foreign Investment Promotion Board to INX Media, once owned by Peter and Indrani Mukherjea, for receiving overseas funds to the tune of Rs 305 crore.
The Foreign Investment Promotion Board, headed by DEA Secretary Arvind Mayaram, approved the proposal at its meeting in New Delhi.
IKEA's proposal was withdrawn from the December 31 meeting agenda of the Foreign Investment Promotion Board, as more information was sought from the company regarding its foreign direct investment plans in India.
The father-son duo are in the radar of the probe agencies in another case concerning the Aircel-Maxis deal.
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