..........."There have been cases of receipt of remittances for issuance of share capital and return of the investor's money before the expiry of the 180 days without issuance of shares. This by passes the FDI/ECB guidelines," sources said. The RBI argued that the misuse can be checked if usage of money is allowed only after issuance of shares. They said that the RBI's proposal would help in protecting the foreign investor as "he becomes entitled for a say in the management only once the shares are issued".......
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