The FIPB has cleared 25 FDI proposals worth Rs. 2,973.40 crore. The application of AIF III Sub Pvt. Ltd. to bring in FDI worth Rs. 1,000 crore has been approved. The Mauritius-based firm proposes to induct foreign investment in the units of a fund constituted as a trust. Mumbai-based Microqual Techno's application to increase Rs. 522.90 crore in foreign equity to carry out its wireless telecommunications business was also approved.
The proposal of Mauritius-based Mozart for infusion of Rs. 300 crore in foreign investment in an existing company in the pharmaceuticals sector (brownfield investments) has also been approved. Sun Pharma Research Company's proposal for infusion of foreign equity by way of issue of partly paid up shares to carry out the development of new proprietary drugs has been cleared.
Other proposals which have been approved are those of Genworth Financial Mortgage Guaranty India (Rs. 124 crore), Plethico Pharmaceuticals (Rs. 500 crore) and Kintetsu World Express India (Rs. 267.69 crore).
Among proposals which were rejected include, Budenheim India, Hey House Publishers and Growing Opportunity Finance. The proposals on which decisions were deferred include that of Fabindia Overseas, Paragon Asset Reconstruction, Tara Aerospace Systems and Netmagic Solutions.
Refund is an integral part of Goods and Service Tax law since it is the government reimbursement of taxes to a taxpayer. Thus, the taxpayer as well as the refund authorities have to be fully acquai More
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