....The RBI circular says that companies must inform the RBI of investments made between February 13, 2009 and the date of publication of the FEMA notification, that do not conform to the “regulatory framework now being prescribed.” The wording suggests that each of the conditions included in the RBI notification will be applicable retrospectively. However, experts feel that since the DIPP Press Note did not prevent downstream investments via an operating-cum-holding company, the RBI may not insist on this clause be applied from 2009 onwards..........
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