MCA:
MCA clarifies that all Rules published under Companies Act, 2013 are effective from 1st April, 2014 and MCA has released Statement of Notification of Rules on its website clarifying the above. This puts to rest the doubts that had arisen for certain rules which were mentioned to be applicable from the date of publication in official gazette, however, the same were not yet published in the official gazette till date.
RBI:
RBI make clarification via its Circular on the extant FDI policy for pharmaceutical sector which has now been decided with immediate effect that the existing policy would continue with the condition that ‘non-compete’ clause would not be allowed except in special circumstances with the approval of the Foreign Investment Promotion Board (FIPB) of the Government of India. Foreign Direct Investment (FDI) up to 100 per cent is permitted under automatic route for greenfield investments and FDI up to 100 per cent is permitted under Government approval route for brownfield investments (i.e. investments in existing companies) in pharmaceuticals sector.
Speak Your Mind