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FIIs can invest up to 34% under PIS in CONCOR

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The Reserve Bank of India has today notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 34 per cent of the paid up capital of Container Corporation of India Ltd. under the Portfolio Investment Scheme (PIS).

The Reserve Bank has stated that the company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.

RBI further advised that the foreign shareholding by FIIs/RFPIs in Container Corporation of India Ltd. has gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.

black money in stock market

The Reserve Bank has notified this under FEMA 1999

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ED notice to NDTV for ‘FEMA violation’, not legally tenable says channel

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New Delhi: The Enforcement Directorate (ED) has issued a show-cause notice to private broadcaster NDTV about alleged violations of Foreign Exchange Management Act (FEMA) as the latter said it was not “legally tenable”.

The company, in a filing to the Bombay Stock Exchange, said it had on Thursday (November 19) received a show-cause notice in the name of Executive Co-Chairpersons Prannoy Roy and Radhika Roy as well as Executive Vice-Chairperson KVL Narayan Rao and NDTV Studios Ltd from the Directorate of Enforcement as to why adjudication proceedings should not be held for alleged contraventions of provisions of FEMA.

NDTV said it had been advised that the allegations of the contraventions of provisions of FEMA in the show cause notice were not legally tenable and it will reply to the same in due course of time.

NDTV had filed the notice during market hours, resulting in a sharp fall in its stock price by 7 percent. The stock which opened at Rs 87.35 on Friday morning fell sharply to Rs 82.40 before recovering to Rs 85.75, a decline of 2.56 per cent.

(IANS)

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Cabinet nod for merging FDI, FII limits

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New Delhi: The cabinet committee on economic affairs on Thursday cleared a policy for determining composite foreign investment limits by including funds flowing through foreign direct investment (FDI), foreign institutional investment (FII) and other routes.

The committee approved “the introduction of composite caps for the simplication of foreign direct investment”, Finance Minister Arun Jaitley told reporters after the cabinet meeting here.