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RBI revokes permission for foreign investment in Mid-day

17-February-2001
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RBI revokes permission for foreign investment in Mid-day

The Mid-day FII project stands cancelled following the government's instruction to the Reserve Bank of India (RBI) to withdraw permission for foreign investment in the Mumbai eveninger.

In a letter to RBI, the finance ministry said that foreign portfolio investment could not be permitted in companies which were engaged in activities where such investment per se was not allowed.

Information minister Sushma Swaraj later told that the finance ministry's letter to the RBI had brought to an end the controversy over the clearance for FII investments in Mid-day's multimedia project.

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