The beleaguered IL&FS group has been in the eye of the storm since September last year for defaults in payment obligations of bank loans by group companies. What has also come under the scanner is the group’s complex corporate structure with 346 sub-companies under its ambit. This includes over two-dozen direct subsidiaries, 135 indirect subsidiaries, six joint ventures, four associate companies, among others.
Nischal Arora, Director- Regulatory shares his views on aforementioned story for Business Standard.
On a recent gazette notification published on 21st January 2019, the RBI has finally amended relevant legal provisions to dispense with the requirement for foreign companies to obtain prior RBI approval for establishing Branch Office/ Project Office/ Liaison Office or any other place of business in India in the aforesaid sectors in cases where prior Government approval or license/permission from concerned Ministry/Regulator has been granted.
Nischal Arora, Director- Regulatory shares his views on aforementioned story for PTI(NEWS AGENCY).