This appeal relates to the alleged irregularities in Foreign Investment
Promotion Board (FIPB) clearance given to the INX Media for receiving
foreign investment ... India; and (vii) other
unknown persons for the alleged irregularities in giving FIPB’s clearance to
INX Media to receive overseas funds
This appeal relates to the alleged irregularities in Foreign
Investment Promotion Board (FIPB) clearance given to the INX
Media for receiving foreign investment ... under:- In 2007, INX Media Pvt.
Ltd. approached Foreign Investment Promotion Board (FIPB)
seeking approval for FDI upto 46.216 per cent of the issued equity
sought approval
of Foreign Investment Promotion Board (FIPB) for
permission to issue by way of preferential allotment,
certain equity and convertible, non-cumulative,
redeemable preference ... capital of M/s INX News Private
Limited (accused no. 2). The FIPB Board recommended the
proposal of INX Media for consideration and approval
Media Pvt. Ltd. filed an application seeking approval of
the FIPB for permission to issue by way of preferential allotment in one or
more tranches ... capital of INX Media. However, this matter was
not placed before the FIPB. On 18.05.2007, meeting of FIPB (comprising of
6 Secretaries to the Government
necessary
regulatory approvals and consent by RBI, Foreign Investment Promotion Board
[FIPB]. The term of the said Agreement was fixed for a period ... case of the Claimant that they made an application before
FIPB on 21.12.2013 seeking approval of the transfer of the said shares. Since
approval could
application dated 13.03.2007 before the Foreign Investment Promotion
Board (in short, "FIPB") seeking approval to issue by way of
preferential allotment of shares ... issued and outstanding share capital of INX News. FIPB approved the
FDI of Rs.4.62 Crores, but did not approve the downstream investment
policy allowed investment upto 74 percent of
equity. Foreign Investment Promotion Board (FIPB) Unit examined the
proposal, found it to be in order and submitted ... case to the Finance
Minister. FIPB consisted of six secretaries to the Government of India
and was chaired by the Secretary, Economic Affairs. FIPB unanimously
policy allowed investment upto 74 percent of
equity. Foreign Investment Promotion Board (FIPB) Unit examined the
proposal, found it to be in order and submitted ... case to the Finance
Minister. FIPB consisted of six secretaries to the Government of India
and was chaired by the Secretary, Economic Affairs. FIPB unanimously
allegations in the subject FIR
pertain to the grant of an FIPB approval in 2007-08, for which the subject
FIR came to be registered ... Petitioner merely
accorded approval to the unanimous recommendation made by the FIPB
Bail Appln.2718/2019 Page 7 of 41
who chaired by the Secretary
Approvals were also taken from
the Foreign Investment Promotion Board ("FIPB"). The investment in
CCPS of the assessee was made after PS Asia ... FVCI
with SEBI and the assessee obtained the necessary approvals from
the FIPB. In connection with the issue of CCPS, the assessee
submitted
