Rajasthan Royals' promotors' FDI proposal deferred by Govt
New Delhi | Wednesday, Sep 9 2009 IST
 

The proposal to infuse 100 per cent foreign equity by Jaipur IPL Cricket Ltd (JIPL), promotors of Rajasthan Royals which won the 2008 Indian Premier League(IPL), has been deferred by the government.

Of the 13 proposals postponed for consideration by the Foreign Investment Promotion Board (FIPB) yesterday, no decision was taken on the Mumbai-based JIPL's request to induct 100 per cent foreign equity by way of issue of shares for consideration other than cash inflow.

The proposal of another Mumbai's company, Shree Meenakshi Food Products Ltd, to issue equity shares to undertake manufacturing of Pan Masala and other tobacco products was also deferred by the Board.

The government did not allow a foreign company to set up a detective and protective agency in the country as FIPB rejected the proposal of South Africa's Dynamic Alternatives Ltd to set up a wholly-owned subsidiary to carry out the business of detective and protective services in India.

It, however, permitted Goa's Mundus Real Estates to repatriate the amount received from the foreign investor to undertake construction development activities.

This became necessary as the foreign investor could not provide the balance amount to meet the minimum capitalisation norms, official sources here said.

-- (UNI) -- 09DC11.xml

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