FIPB Approval

Dipanjan (N/A) (89 Points)

29 July 2010  

A foriegn unit had obtained a FIPB approval in 2006 for investing in a Greenfield Project in India upto a certain monetary unit. However over the years the project cost has esalated (the project still being under construction and production yet to commence) and the foreign partner has to invest more in the share capital of the Indian unit than that what was initially approved in 2006.

However all remittances were properly routed through authorized dealers and timely FC-GPR / Declarations were submitted to RBI.

As such are there any non compliances on the part of the Indian unit, and what would be the remedial measures.