Star's application seeking uplinking from India appears to have hit yet another roadblock with the Foreign Investment Promotion Board raising certain queries in its last meeting.
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However, at its latest meeting, FIPB is believed to have raised some fresh queries, which the company will have to answer before the proposal is finally cleared.
The fresh application by MCCS followed the government's decision to tighten uplinking guidelines, in which it stipulated that an Indian entity should hold at least 51 per cent equity.
The government had expressed apprehensions about proxy control in Star's earlier application where it had offloaded stake to a number of high net-worth individuals.