GOI HAS APPROVED EIGHT PROPOSALS OF FDI AMOUNTING TO ABOUT RS. 696.23 CRORE

GOVERNMENT APPROVES EIGHT (8 ) PROPOSALS OF

FOREIGN DIRECT INVESTMENT AMOUNTING TO ABOUT RS. 696.23 CRORE

Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 12.04.2013     

Following eight (8) proposals have been approved:

Sl. No.	Name of the applicant	Particulars of the proposal	FDI/NRI inflows (Rs. in crore)
1	M/s McKinsey & Company Inc. India, USA	To set up an LLP to be engaged in providing management consultancy services.	0.99
2	M/s AWS Truepower LLC, USA	Induction of foreign equity to carry out the business of consultancy services.	0.24
3	M/s NSE Industries, France	Induction of foreign equity to undertake the business of manufacture and servicing of products having defence applications.	0.10
4	M/s Pilot Ventures Media Pvt. Ltd., New Delhi	Induction of 100% foreign equity to carry out the business of publishing, marketing and distributing NME music Magazine and NME website in India.	0.01
5	M/s GETIT Infoservices Private Limited	To increase foreign equity percentage by way of acquisition/fresh issue of shares to carry out the business of specially publishing.	216.00
6	M/s ACME Solar Energy Pvt. Ltd. Haryana	To make downstream investment in a company engaged in solar power business.	275.00
7	M/s GeoPost S.A., France	Acquisition of shares of an Indian company engaged in the business of commercial express and parcel delivery business segment.	179.04
8	M/s DPD Continental Ltd.	Increase in foreign equity participation from 60% to 100% to carry out the business of Courier services other than post.	24.85

The following eight (8) proposals have been deferred:

Sl. No	Name of the applicant		Particulars of the proposal
1	M/s Sutures (I) Pvt. Ltd.	Increase of foreign equity in an existing pharma sector company.
2	M/s Calyx Chemicals & Pharmaceuticals Ltd.	To issue IPO to investors including foreign investors to carry out the business of pharmaceutical sector.
3	M/s Total Prosthetics & Onthotics India Pvt. Ltd. Haryana	Transfer of shares by way of share swap.
4	M/s BF Elbit Advanced Systems Pvt. Ltd., Pune	To set up a new JV company to be engaged in design, development, manufacturing of defence related products.
5	M/s Telenor Mobile Communication AS, Norway	To increase foreign equity from 49% to 74% in telecom sector.
6	M/s Tikona Digital Network Pvt. Ltd	To increase foreign equity participation in telecom sector.
7	M/s Axiom Consulting Pvt. Ltd.	To issue shares to the foreign national as per a pre-agreed price.
8	M/s Veritas (India) Limited	Post facto approval has been sought for the issue of warrants.  The company is engaged in the business of import, export, trading and distribution of metals and chemical products, power generation.

The following three (3) proposals have been rejected:

Sl. No	Name of the applicant		Particulars of the proposal
1	M/s Sunil Hitech Engineers Ltd., Nagpur	To issue warrants to FIIs to carry out the business of execution of projects in the power and infrastructure sector.
2	M/s Triton Hotels and Resorts Pvt. Ltd. Mumbai	Post facto approval for issuance of partly paid up shares.  The company is engaged in the business of Hospitality Services.
3	M/s Karuturi Global Ltd., Bangalore	Post facto approval has been sought for the issue of warrants to carry out the business of Floriculture & Food processing under controlled conditions.

The following one (1) proposal has been recommended to advise the applicant that the proposal is not within the purview of FIPB:

Sl. No.	Name of the applicant	Particulars of the proposal
1	M/s Tata Advanced Materials Limited, Bangalore	Indian company engaged in manufacturing of defence related products has sought post facto approval for shares already held by NRI in the company on portfolio basis.

Decision in the following two (2) proposals will be communicated separately:

Sl. No.	Name of the applicant	Particulars of the proposal	FDI/NRI inflows (Rs. in crore)
1	M/s Bay Capital Investment Ltd, Mauritius	Acquisition of shares in a listed Indian Company which is the Core Investment Company of a leading infrastructure developing group of companies.	100.00
2	M/s   Hubert Burda Media India Pvt. Ltd	WoS of a foreign company to act as an operating cum investing company and to make downstream investment in an Indian company engaged in printing and publishing of magazines.	7.00

* * * * *

Source: Ministry of Finance

Find us @ True Governance League 

With Regards

CS Prakash Verma, Managing Partner

TGL Advisors

(Corporate Law Advisors)

Mail: Prkverma@gmail.com

GRATUITY PAY UNDER NEW PENSION SYSTEM

GRATUITY PAY UNDER NEW PENSION SYSTEM

Death-cum-Retirement Gratuity is paid to Central Government employees under New Pension System (NPS) as it is paid under the old pension scheme. The monthly annuity under the New Pension System (NPS) is only a replacement of pension on retirement and family pension of death after retirement. The benefits of Death cum Retirement Gratuity (DCRG) and pension/family pension have been provisionally allowed,  vide the Office Memorandum of Department of Pension and Pensioners’ Welfare No. 38/41/06-P & PW(A) dated 5.5.2009 in respect of Central Government servants covered under NPS in cases where a Government Servant is retired on invalidation/disability and in the case of death of a Government servant in service on the same rates as are applicable under the old pension scheme Central Civil Service (Pension) Rules, 1972. The retirement gratuity is payable to the retiring Government servant. A minimum of 5 years’ qualifying service and eligibility to receive service gratuity/pension is essential to get this one time lump sum benefit. Retirement gratuity is calculated @ 1/4^th of a month’s Basic Pay plus Dearness Allowance drawn before retirement for each completed six monthly period of qualifying service. The maximum retirement gratuity payable is 16½ times the Basic Pay, subject to a maximum of Rs. 10 lakh. If the Government Servant dies while in service, the death gratuity shall be paid to his family at rates furnished in the table below:

Sl. No.	Length of Qualifying Service	Rate of Death Gratuity
1.	Less than one year	2 times of emoluments
2.	One year or more but less than 5 years	6 times of emoluments
3.	5 years or more but less than 20 years	12 times of emoluments
4.	20 years or more	Half of emoluments for every completed six monthly period of qualifying service subject to a maximum of 33 times of emoluments.

Maximum amount of Death Gratuity admissible is Rs, 10 lakh with effect from 1.1.2006.

Source: Ministry of Finance

Find us @ True Governance League

With Regards

CS Prakash Verma

Email: Prkverma@gmail.com

LAUNCH OF DOCUMENTARY FILMS ON GOOD GOVERNANCE INITIATIVES

LAUNCH OF DOCUMENTARY FILMS ON GOOD GOVERNANCE INITIATIVES

Minister of State in the Prime Minister’s Office and Personnel, Public Grievances & Pensions, Shri V. Narayanasamy and Minister of Information & Broadcasting Shri Manish Tewari jointly launched documentary films on five good governance initiatives produced by the Department of Administrative Reforms and Public Grievances (DARPG) and interacted with media here today.

Shri V. Narayanasamy informed that these initiatives highlight the zeal of the Civil Servants who have conceived the projects, re-engineered the processes and implemented the initiatives with the support of the Government to improve public service delivery in their respective areas of function. “There is no dearth of innovative ideas in our country”, he stated. It is, however, necessary to make efforts to replicate them elsewhere so that the successful initiatives do not remain confined to islands of excellence. He exhorted that these initiatives are to be suitably documented and disseminated through all possible channels of communication to enable their adaption, replication and further innovation, for the betterment of the common man.

Shri Manish Tewari opined that though a number of progressive and developmental initiatives are taken by the Central and State Governments, it is often complained that the benefits do not reach the ground level. Appreciating the initiative taken by DARPG to disseminate these best practices, he hoped that this would facilitate their replication elsewhere and the benefits percolate down to the common man. The Ministry of Information & Broadcasting, would fully assist the dissemination of the message of these initiatives through its different media units, he added.

Shri Sanjay Kothari, Secretary, DARPG informed the participants that three of the films which were launched, namely, (i) Village Health & Nutrition in Complete Convergence Mode in Tripura, (ii) Participatory Scientific Watershed Management in Gujarat, and (iii) Sustainable Plastic Waste Management in Himachal Pradesh, were conferred the Prime Minister’s Award for Excellence in Public Administration in the previous years, and the other two, namely, Liberating Manual Scavengers and Moving Towards Total Sanitation, District Budaun, Uttar Pradesh, and (ii) Jeevika – Bihar Rural Livelihoods Promotion Society: Socio Economic Empowerment of Rural Poor through Sustainable Community Institution, have been well acclaimed all over the country for importance of the initiatives and the far reaching impact they have on the marginalised sections of the country.

The Department of Administrative Reforms & Public Grievances has been documenting and disseminating best practices of the Central and State Governments through various modes of communication such as documentary films, books, workshops and Conferences with an objective to promote the successful initiatives and facilitate their replication elsewhere in the country. So far 43 such documentary films have been produced by the Department through the Directorate of Advertising and Visual Publicity. Documentary films on thirteen more initiatives are in the process of production.

The documentary films are meant for diverse audiences such as probationers & other officers in national academies and State training institutes; delegates in conferences, seminars and meetings at Central, State, District, Panchayat levels; and for telecast on national network of Doordarshan or other television channels for general public.

Source: Ministry of Personnel, Public Grievances & Pensions

Find us @ True Governance League 

With Regards
CS Prakash Verma

Mail: Prkverma@gmail.com