Government rejects 5 FDI proposals

The Government rejected 5 proposal for FDI. The proposals that were rejected are, M/s Zetatek Engineering Systems Pvt. Ltd., Hyderabad to issue shares to the tune of 26% on a fully diluted basis with repatriation facility to carry out the activities in the defence sector.

M/s Southern CNG Automobiles Pvt. Ltd., Bangladesh to increase foreign equity by way of additional subscription of equity shares from Bangladesh.

M/s Shree Meenakshi Food Products Pvt. Ltd., Mumbai to issue equity shares to undertake manufacturing of Pan Masala and other tobacco Products.

M/s Verint System India Pvt. Ltd. to make amendment in the FC approval.

M/s Asha Micro Credit Ltd. to induct foreign investment to undertake the activities relating to providing financial services for the up-liftment of poor and the downtrodden sections of the society. The proposal does not meet the minimum capitalization norms.

Source : Equity Bulls

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