FIPB rejects Irish animation firm’s proposal to set shop in India

NEW DELHI: The Foreign Investments Promotion Board (FIPB) has rejected the proposal by Irish animation firm DW Animation Ireland Limited for setting up of an LLP in India.


The proposed FDI (foreign direct investment) was of a mere Rs 99,980 amounting to $1,587 contributing 99.98 per cent of the capital of LLP by DW Animation Ireland Limited; and Rs 10 amounting to $0.16 contributing 0.01 per cent of the capital of LLP by Robert Alan Kelly.


The FIBP also rejected the proposal by Atria Convergence Technologies for 100 per cent transfer of shares from existing shareholders to new Foreign Investors Argan (Mauritius) Limited and TA FVCI Investors Limited. 


On the other hand, the Finance Ministry on the recommendation of the FIPB accepted a proposal by International Trade and Exhibitions India for proposed expansion of the scope of its business activities in printing, publishing and circulating or otherwise, dealing in all types of books, scientific and technical magazines, specialty journals, periodicals and other publications but not in any manner dealing with news and current affairs. However, this proposal does not involve any FDI.

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