"As FM, I granted approval in the normal course of business," he said in a statement.
Jet Airways' plan to raise funds from international institutional investors will come up for approval by the Foreign Investment Promotion Board this week.
Any foreign investment in excess of 24 per cent in an industrial unit, which manufactures items reserved for micro and small enterprises, will require prior approval of the Foreign Investment Promotion Board, according to Press Note 6 issued by the government.
The government has approved a proposal of British luxury apparel brand Burberry to set up a joint venture in India for single brand retailing. The 153-year old company, famous for its high-end apparels, like trench coats and mufflers, plans to tie-up with Gurgaon-based fashion retail house Genesis Colors for setting up single brand exclusive retail outlets.
At present, a project with investment of more than Rs 600 crore in sectors routed through the Foreign Investment Promotion Board has to be referred to the Cabinet Committee on Economic Affairs.
Tata Motors subsidiary Telco Construction Equipment Company Ltd (Telcon) has opposed a proposal to the Foreign Investment Promotion Board (FIPB) from John Deere for a joint venture with Ashok Leyland to distribute and market its construction equipment in India.
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.
In another example of the growing focus on security in the telecom sector, the Foreign Investment Promotion Board has asked whether US-based Verizon Wireless operates in Pakistan, while deferring its proposal for transfer of equity shares.
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.
These companies struck joint ventures with foreign partners before the government relaxed FDI sectoral limits by issuing Press Notes 2 and 4 in February this year, and had approached FIPB for approvals later. FIPB sent a note to this effect to the RBI a month ago, advising the central bank to deal with such cases.
The chargesheet names 14 accused, including the Congress leader's son Karti Chidambaram, Peter Mukherjea and Indrani Mukerjea.
The proposed FDI of Rs 503.37 crore (Rs 5.03 billion) by ArcelorMittal, Netherlands, has been approved by the Foreign Investment Promotion Board, the finance ministry said in New Delhi.
CBI had lodged an FIR on May 15, 2017, alleging irregularities in Foreign Investment Promotion Board clearance granted to INX Media group for receiving overseas funds of Rs 305 crore in 2007 during Chidambaram's tenure as union finance minister.
The central probe agency issued a provisional order under the Prevention of Money Laundering Act for attachment of Indian assets in Kodaikanal and Ooty in Tamil Nadu and a flat in Delhi's Jorbagh. A cottage and house in Somerset in the UK and a tennis club located in Barcelona, Spain have also been attached as part of the same order, the agency said.
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.
The bench also extended the interim protection from arrest granted to Chidambaram till September 5.
Ace shuttler Saina Nehwal walked away with the Sports Person of the Year award for 2008-09, while World billiards champion Pankaj Advani and cricketer Virender Sehwag shared the honour for 2007-08 at the ninth PSPB annual awards in Delhi on Wednesday night.
The government on Wednesday cleared 21 FDI proposals worth Rs 84.90 crore (Rs 849 million), most of which is likely to be brought in by the world's largest chemical company BASF through an open offer.
The clearances are for three proposals submitted to the Foreign Investment Promotion Board by Bharti Telemedia, which offers direct-to-home television services, Tata Teleservices, in which Japan's DoCoMo has picked up 27.3 per cent equity, and SKR BPO Services, which has made downstream investments in Sparsh BPO. Press notes 2 and 4, issued in February this year, changed the way indirect foreign equity is treated while computing the total foreign investment.
For the second time since Press Note 2 and 4 were issued in February 2009, the Department of Economic Affairs in the finance ministry has raised questions on their implementation, this time over an application before the Foreign Investment Promotion Board.
The apex court imposed certain conditions on Karti and directed him to furnish an undertaking in three days that he would abide by the conditions and timeline of his visit.
The FIPB, headed by Finance Secretary Arvind Mayaram, at its meeting on Tuesday considered 35 proposals.
Following are the names of some high-profile people who have been put behind the bars
It has rejected a proposal by Subash Chandra-promoted Wire and Wireless India, which has sought permission to issue partly paid-up equity shares, pursuant to its rights issue. WWIL is in the cable network business. The shares were to be issued to non-residents, which also included FIIs, venture capital funds, multilateral and bilateral development financial institutions, and eligible NRIs for cash aggregating up to Rs 450 crore (Rs 4.5 billion).
Omar Abdullah is likely to constitute a state-level Investment Promotion Board that will work towards easing complex bureaucratic procedures to attract the private sector to Jammu and Kashmir.
Besides doubts relating to round tripping of investments through Mauritius, the proposal was earlier rejected on the ground that there were no details about the offshore entity.
In his petition, Karti contended that the July 18 circular had been issued arbitrarily and without jurisdiction by the Foreigner Regional Registration Officer and The Bureau of Immigration under the Union home ministry at the behest of different agencies to prevent him from travelling abroad.
The Foreign Investment Promotion Board seems to have laid to rest the controversy surrounding FDI investments routed via Mauritius.
The Foreign Investment Promotion Board (FIPB) has rejected a proposal by Tata Investment Corporation (TIC) to issue zero coupon convertible bonds (ZCCBs) with detachable warrants to its shareholders.
The top court had granted bail to Chidambaram in the case lodged by the CBI saying he is neither a 'flight risk' nor is there a possibility of 'his abscondence from the trial'.
The Foreign Investment Promotion Board (FIPB) has cleared global hospitality major Hyatt group's proposal to set up 'Hyatt Place' hotels in the country in a joint venture with realty firm Emaar MGF, with an investment of about Rs 125-150 crore (Rs 1.25-1.5 billion).
It is understood that the agency wanted to put a fresh set of questions to him regarding the deal and hence had asked him to appear.
The government on Wednesday announced the approval of Japan-based Daiichi Sankyo's proposed acquisition of shares in domestic pharma major Ranbaxy, along with 23 other proposals for a total FDI investment of Rs 753.14 crore
National men's singles champion Arvind Bhat of Petroleum Sports Promotion Board was knocked out by beaten 19-21, 16-21 by unheralded Andhra Pradesh shuttler K Tanishaq in 40 minutes in the opening round of the second Tata Open All India Badminton Tournament at the CCI in Mumbai on Friday.
The company, according to industry sources, is hoping to get an FIPB approval before that. Market sources said the sales team has sounded out October 8 as the launch date. Government had earlier asked Bharti group to seek a separate FIPB approval within three months for its upcoming DTH services.
Country's largest realty firm DLF, which has tied up with Dubai-based developer Limitless for developing Rs 60,000-crore (Rs 600 billion) township in Bangalore, has sought government approval for bringing in foreign direct investments worth $ 150 million. Official sources said the issue would be taken by the Foreign Investment Promotion Board (FIPB) on Friday, adding it is likely to get approval. The foreign investment proposal would be given the final clearance by the FM.
Declining urgent hearing, the top court observed that judges have more cases 'than they can handle'.
The Armed Forces Tribunal has pulled up Gen V K Singh for "showing favour" and "without jurisdiction" reviewing a central government order to promote a Brigadier belonging to his unit to the rank of Major General in October 2011 when he was the Army chief.
The Foreign Investment Promotion Board has cleared a proposal by German plastic moulding major Ralf Schneider to set up a wholly-owned subsidiary in India, setting aside objections raised by its former Indian partner Larsen & Toubro under Press Note 1 of the Foreign Direct Investment policy.
After 11 years of hanging like a sword on PepsiCo India Holdings Ltd, the government's condition that the company must dilute its equity in fully-owned downstream ventures is close to being waived.
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