WHILE
answering a
question in the Lok Sabha on Friday, the Minister of State for
Finance, Mr S.S. Palanimanickam said that there are dozens of non-banking
finance companies (NBFCs) which have invested in foreign ventures without the
approval of the RBI.
The admitted
contraventions are compounded by the RBI only after the NBFC obtains post-facto
approval from the regulator. The Minister also furnished a list of those which
are registered with the SEBI and have made overseas investments without
regulatory clearance in the past three years. These are:
YEAR
2007-08 - NIL
YEAR
2008-09
|
Sr. No.
|
Name of
Company
|
Amount of
Investment
|
Remarks
|
|
1.
|
JRG Securities
Limited
|
USD 375000
|
Compounded
|
|
2.
|
Shri Regi Jacob,
MD, JRG Securities Ltd.
|
USD 375000
|
Compounded
|
|
3.
|
Alchemy Capital
Management Private Ltd.
|
SGD 150000
|
Compounded
|
YEAR
2009-10
|
Sr. No.
|
Name of
Company
|
Amount of
Investment
|
Remarks
|
|
4.
|
MF Global Sify
Securities India Pvt. Ltd.
|
USD 405000
|
Compounded
|
|
5.
|
Avendus Capital
Private Ltd.
|
GBP 250000
|
Compounded
|
|
6.
|
Asit C. Mehta
Investment Intermediaries Ltd.
|
USD 475000
|
Compounded
|
|
7.
|
Avendus Capital
Private Ltd.
|
USD 400000
|
Compounded
|
|
8.
|
Spark Capital
Advisors ( India ) Private Limited
|
USD 323962
|
Compounded
|
|
9.
|
Anand Rathi
Financial Services Limited
|
HKD 97000
|
Compounded
|
|
10.
|
JRG Securities
Limited
|
USD 375000
|
Compounded
|
|
11.
|
Shri Regi Jacob,
MD, JRG Securities Ltd.
|
USD 375000
|
Compounded
|
|
12.
|
Alchemy Capital
Management Private Ltd.
|
SGD 150000
|
Compounded
|
|
13.
|
MF Global Sify
Securities India Pvt Ltd
|
USD 405000
|
Compounded
|
|
14.
|
Avendus Capital
Private Ltd.
|
GBP 250000
|
Compounded
|
|
15.
|
Asit C. Mehta
Investment Intermediaries Ltd.
|
USD 475000
|
Compounded
|
|
16.
|
Avendus Capital
Private Ltd.
|
USD 400000
|
Compounded
|
|
17.
|
Spark Capital
Advisors ( India ) Private Limited
|
USD 323962
|
Compounded
|
|
18.
|
Anand Rathi
Financial Services Limited
|
HKD 97000
|
Compounded
|
Annex-II
Statement
showing the names of the Indian Companies -
investments
in JV/WOS abroad without RBI's approval
|
Sl. No
|
Name of the Indian
Company
|
Investment
|
Remarks
|
|
2007-2008
|
2008-2009
|
2009-2010
|
|
1.
|
M/ s.Shrenuj
Investments & Finance
Pvt. Ltd.
|
-
|
USD 50,000
|
-
|
Compounded
|
|
2.
|
M/s. Narottamaka
Commodities Pvt. Ltd.
|
AUD 3,000,000
|
-
|
-
|
Compounded
|
|
3.
|
M/s. Bengal &
Assam Company Ltd. ( formerely M/s. Panchanan Investments Ltd.)
|
USD 2,440
|
-
|
-
|
Compounded
|
|
4.
|
M/s. A. T. Invofin
India Pvt. Ltd.
A-60, Naraina
Industrial Area
|
USD 8,500,000
|
-
|
-
|
Under process of
Compounding
|
|
5 .
|
M/s. Edelweiss
Finance & Investments Ltd .( formerly Crossborder Investments Pvt. Ltd.)
|
USD 6,000,000
|
-
|
-
|
Compounded
|
|
6.
|
M/s. Shriram
Overseas Investments Pvt. Ltd. (formerly Dhanashri Investments Pvt.Ltd .)
|
-
|
USD 778,915
|
-
|
Compounded
|
|
7.
|
M/s. Petal Vinimay
Pvt. Ltd.
|
-
|
BRL 1,92,320
|
-
|
Under Process of
Compounding
|
|
8.
|
M/s. Anjali Capfin
Pvt. Ltd.
|
-
|
AED 60,000
|
-
|
Compounded.
|
|
9.
|
M/s. Petal Vinimay
Pvt. Ltd.
|
-
|
AED 30,000
|
-
|
Compounded.
|
|
10.
|
M/s. Sarjana Cafpin
pvt . Ltd.
|
-
|
AED 60,000
|
-
|
Compounded.
|
|
11.
|
M/s. Primus Capital
Pvt. Ltd.
|
USD 4,39,000
|
|
-
|
Compounded.
|
|
12.
|
M/s. Petrochem
International Ltd.
|
USD 12000
|
-
|
-
|
Compounded.
|
|
13.
|
M/s. M G Portfolio
Pvt. Ltd.
|
-
|
USD 3,12,500
|
-
|
Compounded
|
|
14.
|
M/s. J Bhasin
Leasing Ltd.
|
-
|
USD 13,17,412
|
-
|
Compounded
|
|
15.
|
M/s. Singhal Fincap
|
-
|
USD 3,12,500
|
-
|
Under Process of
Compounding
|
|
16.
|
M/s. Rudawal
capital Trust
|
-
|
AUD 3,00,000
|
-
|
Under Process of
Compounding.
|
|
17.
|
M/s. Dhanvarsha
Enterprises & Investment Pvt. Ltd. (Isle of Man) & M/s. Sri Hari
Vallabha Enterprises & Investment Pvt. Ltd. (Isle of Man)
|
-
|
GBP 36,95,000
|
-
|
Under process of
compounding
|
|
18.
|
M/s. Sri Hari
Vallabha Enterprises & Investment Pvt. Ltd.( For Seychelles )
|
-
|
USD 25,26,800
|
-
|
Under process of
compounding
|
|
19.
|
M/s. Ikhlas
Investments & Services Pvt. Ltd.
|
-
|
USD 32,480
|
-
|
Compounded
|
|
20.
|
M/s. Contil India
Ltd.
|
USD 90,000
|
-
|
-
|
Under process of
compounding
|
|
21.
|
M/s. Russel Credit
Ltd.
|
AUD 6,142,855
|
-
|
-
|
Treated as
technical contravention and a letter of displeasure was issued to the company
and AD.
|
|
22.
|
Arihant Mangal
Securities Pvt. Ltd.
|
USD 25,000
(November 2006)
|
-
|
-
|
Under process of
compounding
|
|
