Company Law Board:
On the retirement of Shri A.K. Tripathi, Member (Judicial), CLB, Mumbai Bench on 20th May, 2015, it is ordered that the urgent and mentioning matters requiring interim directions, falling within the Jurisdiction of Mumbai Bench, shall be heard by Shri Kanthi Narahari, Member (Judicial), CLB, Chennai Bench at Chennai in addition to his existing work, until further orders. The Company Law Board is having its Benches at 4 locations and is now working with Chairman at Delhi and members at Delhi, Kolkatta & Chennai only.
RBI:
RBI has clarified that in terms of the Regulations framed under FEMA, 1999, an Indian company receiving FDI does not require any prior approval of the Reserve Bank of India at any stage. It is only required to report the capital inflow and subsequently the issue of shares to the Reserve Bank in prescribed formats. Further, FDI in India can be made through two routes, namely, the automatic route, where no prior approval from any authority is needed for an Indian company to receive FDI and the approval route, where the company receiving FDI requires prior approval of the Foreign Investment Promotion Board (FIPB). FDI under both the routes is subject to FDI policy and the conditions laid down in the relevant Regulations framed under FEMA.
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