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Government approves FDI proposals worth Rs 24.56 cr

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Government approves FDI proposals worth Rs 24.56 cr
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The government on Thursday said that it has approved foreign direct investment (FDI) proposals worth Rs 24.56 crore, including one from Sterling Commerce Solutions India.

“During the month of October, the Department of Economic Affairs (DEA), Ministry of Finance has disposed off three FDI proposals aggregating to foreign investment of Rs 24.56 crore,” an official statement said.

 The proposal of Sterling Commerce Solutions India, worth Rs 24.56 crore of FDI, has been approved that seeks to issue shares to the shareholders of three wholly owned subsidiaries of IBM India upon their merger with the company.

Another proposal from Arval India, which does not require any additional FDI, has been approved to undertake the activity of financial lease in addition to the current activity of operating lease, the statement said.

The ministry said that a proposal from Ivanhoe India Equities Inc to provide investment advisory services to overseas entities by a yet to be incorporated Indian investee company has been returned as it was premature.(IANS)

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India will soon ask Malaysia to extradite Preacher Zakir Naik

India will soon approach Malaysia with a request to extradite hardline Islamic preacher Zakir Naik.

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India will Request Malayasia to extradite Zakir Naik
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  • India will seek the Malaysian government’s help in extraditing televangelist Zakir Naik who faces charges of money laundering and inciting hatred through his sermons broadcast on Peace TV, the foreign ministry said Friday.

Zakir Naik obtained permanent residency in Malaysia 

Officials will approach their Malaysian counterparts with the extradition request sometime within the next two weeks, Indian foreign ministry spokesman Raveesh Kumar told a weekly news briefing in New Delhi.

“Any formal request seeking the assistance of a foreign government in cases of extradition requires a completion of the internal legal process involving consultation with other ministries involved in the case,” Kumar said.

“At this stage, we are nearing the completion of this process and as soon as this process is complete we will be making an official request to the Malaysian government in this matter,” Kumar said. “It could be a couple of days or a couple of weeks. But it would be soon and the nature of our request would also be clear.”

Naik fled India a month before terrorist carried out a massacre at a café in Dhaka, Bangladesh, in July 2016. This week, Malaysia’s deputy prime minister said the Islamic preacher legally obtained permanent residency in the country, and that Malaysian authorities would arrest him only if he broke local laws or was found to be involved in terrorist activities.

Naik’s speeches allegedly inspired some of the militants who carried out the siege at the Holey Artisan Bakery café in Dhaka, where 29 people, including 20 hostages and five gunmen, were killed.

In November 2016, the Indian government banned Naik’s Mumbai-based NGO Islamic Research Foundation, which partly funded the Peace TV channel that is banned in India, Bangladesh and several other countries.

Kumar said because the Indian government had knowledge of Naik’s whereabouts, the legal procedures would be tailored to requirements between the two countries in their extradition treaty.

Advocate challenges charges

“Naik is being hounded because he hails from a minority community. The charges that the investigating agencies are trying to frame are all stale and are hardly incriminating,” advocate S. Hariharan told BenarNews in a phone interview from Delhi.

“The charges lack veracity and would not stand scrutiny in the court of law. We will be challenging the extradition and deportation.”

Last week, the Indian government filed a 61-page charge sheet against Naik alleging he was involved in a criminal conspiracy by lauding terrorist organizations. In April, a non-bailable warrant was issued against him in an alleged case of money laundering through his NGO and a shell company.

In Malaysia meanwhile, the opposition Pan-Malaysian Islamic Party (PAS) has urged the government to ignore any request from India to extradite Zakir Naik, Reuters reported.

“For Muslim individuals, even when they won by using arguments and not weapons, like Dr. Zakir Naik, they are considered terrorists because their arguments cannot be countered,” PAS president Abdul Hadi Awang wrote last week in an opinion piece published in Harakah Daily.(BenarNews)

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