• FIBP rejects Meta Telecom’s FDI proposal
• KPMG India launches online IFRS Institute
• FIPB has again turned down the proposal of Meta Telecom Pvt Ltd, a long-distance communication services company promoted by Amit Gupta and Dalto Thread Ltd, to increase foreign investment in the company to 73.45 % form 40 %. Currently, Cyprus-based Daltotrade has an investment of 40 % that was made through the automatic route under the FDI policy. Meta Telecom has been issued national and international licences by DoT. The department said Meta Telecom had only provided skeletal information about Daltotrade and key details like the company’s financial credibility and sources of funds had not been furnished. (BS)
• KPMG India has launched an online IFRS Institute, to provide information, updates and views on International Financial Reporting Standards (IFRS). The institute will assist various stakeholders in the planned convergence from Indian Generally Accepted Accounting Principles (GAAP) to IFRS. In addition to propriety KPMG content, the website will provide links to several other sources of information related to IFRS and its implementation. The site can be accessed by all interested parties at no cost. Additionally, the site provides a facility to register as a member by providing certain minimal information. (BS)
