Chennai-based iEnergy Wind Farms (Theni) has submitted a fresh proposal to the Foreign Investment Promotion Board (FIPB) seeking post-facto approval for issue of 4,500 shares to Mauritian company Indian Energy (Mauritius) Ltd one day before receipt of inward remittances.

According to the existing policy, equity shares are to be issued only after receipt of remittance. Since, in this case, shares were issued one day before receipt of remittance, the RBI advised the company to obtain ex-post-facto approval for it.

The FIPB had earlier deferred a decision on the proposal as the applicant had sought time to furnish details regarding beneficial ownership demanded by the Department of Revenue.

In 2009, Indian Energy (Mauritius) Ltd had become the holding company by investing in 4,500 equity shares of Rs 10 each with a premium of Rs 19,990 a share.

It also acquired 9,999 equity shares of Rs 10 each held by Santany Bagchi in 2010. The holding company has been investing in the equity and preference shares of the company.

source: http://www.thehindubusinessline.com / Business Line / Home> Companies / The Hindu Bureau / New Delhi – September 19th, 2013