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In Re: Advance Ruling P. No. 10 of

Court : Authority for Advance Rulings

Reported in : (1997)224ITR473AAR

..... from ministry of finance stating that the application has been rejected on the ground that the applicant does not satisfy the capitalisation norms for non-banking finance companies (attachment). generally, fipb takes approximately 90 days to approve a proposal. in the case of offshore funds, many a time, core investors insist ..... in accordance with the investment management agreement(s), (hereinafter referred to as 'agreements') and all decisions relating to the fund, including, without limitation, the acquisition, management and disposition of portfolio investments, shall be made solely by the board of directors of the manager acting pursuant to and in accordance with the ..... and such guidelines on environmental protection and social and rehabilitation issues which may be adopted by the asian development bank, a core investor. in addition, trust fund investments may include holdings of listed companies that could be of particular benefit to the fund." 50. under this paragraph, the ic can also .....