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Legal 500 Doing Business in India

Contributed by Economic Laws Practice

Doing Business in India

Introduction

Economic Growth

India is the world's seventh largest economy by nominal gross domestic product (GDP) and the third largest by purchasing power parity (PPP)1. India is projected to grow at 7.4% of its GDP in 2018 as against China’s 6.8%, the International Monetary Fund (IMF), making it the fastest growing economy among emerging economies following last year’s slowdown due to demonetisation and the implementation of goods and services tax (GST)2. According to the figures of the Department of Industrial Policy and Promotion (DIPP), India had received USD 7.59 billion foreign direct investment (FDI) during April-June 2016-173. In ease of doing business report 2018 release by World Bank on October 31, 2017, India jumped 30 spots to number 100. This jump can be attributed to major improvement in significant parameters such as starting a business, dealing with construction permits, resolving insolvency, getting electricity and getting credit, among other parameters.4

Corporate India's deal tally, including M&A’s as well as private equity, amounted to USD 60.5 billion driven by big-ticket consolidation. According to Grant Thornton, there were 1,147 deals (M&A and PE) worth USD 60.54 billion. In 2016, there were 1,485 such transactions worth USD 57.85 billion.5

Liberalisation of the Regulatory Framework

The liberalisation of industrial and trade policies during the 1980s was accompanied by an increasingly receptive attitude towards regulatory reforms. The Industrial Policy Resolution of 1956 and the Statement of Industrial Policy of 1991 provided the basic framework for the overall industrial policy of India. Reforms which are being progressively implemented relate to investment licensing, taxation, particularly indirect taxation, prices and distribution systems, and trade.6 Over the years, India has removed restrictions on investment and expansion and facilitated easy access to FDI. With a view to liberalise the FDI in the country, the Government has increasingly brought a number of sectors under the automatic route, where no government approval is required.

Doing Business in India

Tax Reforms

India has a robust taxation system at par with global standards. It also has double taxation avoidance agreements with most of the advanced jurisdictions. The Government of India in 2017 introduced the Goods and Service Tax (GST) regime. The GST regime broadly based on the OECD International VAT/GST Guidelines, subsumes most indirect taxes such as sales tax and excise tax and introduces a single destination based consumption tax.

Established Judicial System

India has a single integrated judicial system with Supreme Court of India as the apex court at the top of the pyramid. An important feature of the Indian judicial system, is that it’s a ‘common law system’. In a common law system, law is developed by the judges through their decisions, orders, or judgments. Enforcement of contract is at the heart of the judicial reforms being undertaken in the country. As a step in that direction, and to enhance the rights of the stakeholders, the jurisdiction of the Company Law Board, the Board for Industrial and Financial Reconstruction, Appellate Authority for Industrial and Financial Reconstruction, and the company law jurisdiction of High Courts in relation to winding up, amalgamation, mergers, and all other matters is now consolidated and referred to the National Company Law Tribunal (NCLT). The focus of NCLT is time-bound dispensation of proceedings.

Doing Business in India

Start-up India Policy

On January 16, 2016, at an event organised by the DIPP, Prime Minister Narendra Modi launched the ‘Start-up India’ initiative and unveiled the much awaited ‘Start-up India Action Plan’. This action plan lists a comprehensive set of structural and regulatory reforms necessary to build a strong ecosystem for start-ups, in order to result in sustainable economic growth and generate large scale employment opportunities. The plan comprises of a 19-point action list which envisions, amongst others, setting up of incubation centers, easing patent filings, tax exemptions, setting up a INR.10,000 crore corpus fund for start-ups, easing setting-up of businesses, self-certification, and a faster exit mechanism. The Government has introduced a number of reforms to give impetus to the start-up ecosystem in India. To attract more FDI, the start-ups are permitted to issue the convertible notes, for an amount of INR.25, 00,000/- or more in a single tranche, which evidence receipt of money initially as debt, and are repayable at the option of the holder, or are convertible into equity shares of startup company upon occurrence of specified events, however the conversion period cannot exceed (five) 5 years.

Conclusion

The regulatory environment in India today is more conducive for conducting business. With a number regulatory reforms in pipeline, India is likely to attract more interest from foreign investors in the coming years. In this chapter, we have analysed, in detail, the requirements and considerations while investing and doing business in India. Though this chapter is a broad guide for carrying business in India, it is highly recommended that a comprehensive legal advice from our team of experienced professionals is obtained prior to establishing business in India. Nothing herein is construed as legal advice provided to any of the readers.

Conducting Business in India

Indian is an attractive destination for foreign investors and a non-resident entity looking to enter the Indian market can make use of one of the following avenues:

(i) Incorporating a new company;

(ii) Setting-up a joint-venture with an Indian partner;

(iii) Incorporating a limited liability partnership (LLP); or

(iv) Setting-up a liaison office (LO) or branch office (BO) or Project Office (PO).

Incorporating a New Company:

A new company can be a private limited company or a public limited company. A private limited company is required to have a minimum of two (2) shareholders and two (2) directors and a public company is required to have a minimum of seven (7) shareholders and three (3) directors. Out of the directors appointed at least one (1) director is required to be a resident Indian, i.e. should have lived in India for a total period of not less than 182 days in the previous calendar year.

The wholly owned subsidiary of the foreign entity is treated as a resident entity for the purpose of company law, and the Income Tax Act. However, for the purpose of exchange control regulations, the wholly owned subsidiary of the foreign entity, while making downstream investment in India, needs to comply with the guidelines issued by Reserve Bank of India (RBI) in relation issue/transfer/pricing/valuation of capital from time to time.

By introducing the Companies (Incorporation) Fifth Amendment Rules, 2016, which came into effect from January 1, 2017, incorporating a company in India has been made easier. The form for incorporating a new company required to be filed with the Registrar of Companies, i.e. SPICe Form INC-32, now integrates a number of steps involved in incorporation of a company into a single step making the process of incorporation much faster. SPICe Form 32 allots a director identification number (DIN) to a director who does not hold a valid DIN and the company’s Permeant Account Number (PAN), Tax Deduction and Collection Account Number (TAN) registration can be obtained easily in a single step. The Registrar of Companies takes a maximum of two (2) working days to inform deficiencies or issue the certificate of incorporation of the new company once all required documents have been submitted to it. The approximate time taken to collate the requisite documents and incorporate a new company would be 3-4 weeks.

Prior to 2015, minimum paid-up share capital requirement for a private company was INR.100, 000/- and for a public company was INR.500, 000/-. This minimum capitalization requirement under the company law has been done away with. However, depending upon the sector in which the company operates, the sectoral regulator, e.g. RBI for non-banking financial companies etc., may prescribe minimum capitalization requirements.

Doing Business in India

Joint Venture with Indian Partner

Joint-venture (JV)with an Indian partner is a preferred option in sectors where the foreign investor and/or collaborator is looking at the Indian partner to provide support in market penetration or for procuring regulatory approvals etc. While dealing with the Indian partner, the joint venture agreement which captures the provisions in relation to governance mechanism, reporting requirements to the shareholders, dead-lock on decision making, exit provisions needs to be robust in order to protect the interest of the foreign investor and/or collaborator. It is pertinent to capture the transfer restrictions and the governance mechanism in the constitutional documents of the joint venture company in order to make such provisions enforceable against the joint venture company. The courts and tribunals in India are increasingly inclined to give effect to the contractual rights and obligations of the parties captured in the joint venture agreement, sometimes disregarding the technical objections raised by one of the contacting parties.

Incorporating an LLP.

LLP is a relatively new vehicle in India. It combines the advantages of a company, such as being a separate legal entity having perpetual succession, with the benefits of operational flexibility associated with a partnership. An LLP is required to have minimum of two (2) partners and two (2) designated partners who are individuals and out of which, one (1) of them should be a resident in India. There is no personal liability of a partner except in the case of a fraud. Moreover, a partner is not responsible or liable for another partner’s misconduct or negligence as there is no joint liability in the case of LLP. A foreign entity can invest in an LLP under the automatic route, where the LLP operates in sectors and/or activities where 100% FDI is allowed through the automatic route and there are no FDI-linked performance conditions. Further, distribution of profits to partners of the LLP is specifically exempt from tax and hence, there is no tax (equivalent to dividend distribution tax as in case of a company) in India when the LLP distributes profits to its partners.

Liaison Office, Branch Office or Project Office

To open an LO, BO or PO, depending on the principal business being carried out by the foreign entity, the nationality of the foreign entity, and the organizational structure of the foreign entity, an approval of the Authorised Dealer Category – I Bank (AD Bank) or RBI is required. If the principal business of the foreign entity falls under sectors where 100% FDI is permitted under automatic route, the approval of AD Bank will suffice, in all other cases, the approval of RBI will be required.

LO cannot carry out any business in India or earn any income in India, but can merely serve as a conduit for communication between the foreign entity and other persons in India. BO is only entitled to be engaged in the activities in which the parent company is engaged. Additionally, it can carry out ancillary activities such as (i) export and/or import of goods; (ii) rendering professional or consultancy services; (iii) carry out research work in which the parent company is engaged; (iv) promote technical or financial collaborations between Indian companies and parent or overseas group company; (v) represent the parent company in India and act as buying and/or selling agent in India; (vi) render services in information technology and development of software in India; (vii) render technical support to the products supplied by parent and/or group companies; and (viii) represent a parent foreign airline and/or shipping company. Foreign entity may establish POs in India, once it has secured a contract from an Indian company to execute a project in India, and carry out activities in furtherance of execution of such contract.

Doing Business in India

FDI in India

As per the data released by DIPP, the amount of FDI equity inflows from April 2017 to September 2017 have been to the tune of USD 25,354,000,000, with annual growth of 17% for the same period in 2016.7 India still continues to receive the highest inflow of FDI from Mauritius followed by Singapore.

Protocol with Mauritius

The Ministry of Finance by its notification dated August 10, 2016 notified the protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius. Pursuant to the protocol, (i) India now has the taxation rights on capital gains arising from the alienation of shares acquired on or after April 1, 2017 in a company resident in India with effect from financial year 2017-18; (ii) protection to investment has been granted in relation to the shares acquired before April 1, 2017 i.e. gains from the transfer of shares acquired before April 1, 2017 will not be taxable in India even if the shares are transferred on or after March 31, 2017; (iii) the rate of taxation on the capital gains arising between the transition period of April 1, 2017 to March 31, 2019 is 50% of the domestic tax rate; and (iv) the reduced rate is subject to limitation of benefit (LOB) article. A resident of Mauritius, including a shell and/or conduit company, is not entitled to the benefit of 50% reduced rate of tax, if such resident fails the main purpose test or bona-fide business test.

Sectors attracting FDI

As per the data released by DIPP, post liberalization of the FDI policy, from the year 2000 till September 2017, the services sector, i.e. Financial, Banking, Insurance, Non-Financial and/or Business, Outsourcing, R&D, Courier, Tech. Testing Analysis services has received the highest FDI equity inflow of USD 62,393,450,000. The telecommunications, computer software and hardware, construction and development are some of the sectors attracting large amounts of FDI inflows.

Prohibited Sectors

FDI is prohibited in the following sectors and/or activities:

(i) Lottery Business including Government and/or private lottery, online lotteries, etc.;

(ii) Gambling and Betting including casinos etc.;

(iii) Chit funds;

(iv) Nidhi company;

(v) Trading in Transferable Development Rights;

(vi) Real Estate Business8 or Construction of Farm Houses;

(vii) Manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes; and

(viii) Activities and/or sectors not open to private sector investment e.g. Atomic Energy and Railway operations (other than railway infrastructure9).

Further, foreign technology collaboration in any form including through licensing for franchise, trademark, brand name, management contract is also prohibited for the lottery business and for gambling and betting activities.

Liberalisation of the FDI Policy

India has consistently taken steps to liberalise the FDI policy in order to attract more foreign capital in India. Over the years, most sectors have been brought under the automatic route, where FDI is permitted without the Government approval. However, there are certain sectors of strategic importance which are yet to be liberalised, and for which, till recently, approval was required to be obtained from Foreign Investment Promotion Board (FIPB). On June 5, 2017, the Government of India abolished the FIPB and work of granting approval for FDI has been entrusted to the concerned administrative ministries and/or departments. The standard operating procedure for processing FDI proposals can be found at http://www.fifp.gov.in/Forms/SOP.pdf.

As a step in that direction, pursuant to Press Note 1 of 2018, DIPP has proposed to liberalise FDI in single brand retail trade. Presently, 49% FDI is permitted under the automatic route and beyond 49% is under the Government approval route. However, it is now proposed that 100% FDI under automatic route will be permitted, subject to the sourcing and other conditions being complied with. The liberalisation is aimed at attracting investments in production and marketing, improving the availability of such goods for the consumer, encouraging increased sourcing of goods from India, and enhancing competitiveness of Indian enterprises through access to global designs, technologies and management practices.

On October 25, 2016, the Government of India liberalised the FDI policy on Other Financial Services and Non-Banking Finance Companies (NBFCs). Prior to liberalisation, FDI in NBFCs engaged in permitted eighteen (18) activities was allowed under the automatic route. After liberalisation, 100% FDI under automatic route in Other Financial Services activities regulated by financial sector regulators, viz., RBI, SEBI, IRDA, PFRDA, NHB or any other financial sector regulator as may be notified by the Government of India is permitted. Further the minimum capitalisation requirement as per the earlier policy is done away with and the FDI in 'Other Financial Services' activities is made subject to conditionality’s, including minimum capitalisation norms, as specified by the concerned Regulator and/or Government Agency.

Doing Business in India

Capital Investments in India

Subject to the sectoral guidelines prescribed in the FDI policy, a foreign investor can invest in an Indian company by subscribing to or purchasing capital instruments, i.e. equity shares, compulsorily convertible debentures, compulsorily convertible preference shares and share warrants. However, the price at which such capital instruments can be subscribed to or purchased from a resident seller cannot be lower than (a) the price worked out in accordance with the SEBI guidelines, as applicable, where the shares of the company are listed on any recognised stock exchange in India or (b) the fair valuation of shares done by a SEBI registered Merchant Banker or a Chartered Accountant as per any internationally accepted pricing methodology on arm’s length basis in case of unlisted companies (such price being the Fair Market Value). An Indian company can issue party paid-up capital instrument to a foreign investor, provided such capital instrument is made fully paid-up within 12 months. When any amounts are due from an Indian company to a foreign entity, and the remittance of such amounts is permitted as per the RBI regulations, the Indian company can issue equity shares in lieu of such amounts due in accordance with other guidelines issued by RBI.

The capital instruments are freely transferable, unless the FDI is under the Government approval route, however, the price at which such capital instruments are transferred to a resident buyer cannot be higher than the Fair Market Value.

Alternatively, an Indian company can receive debt from foreign sources in accordance with the guidelines issued by RBI in relation to External Commercial Borrowings (ECB). ECB can be availed either under the automatic route or under the approval route. Under the automatic route, the Government has permitted some eligibility norms with respect to industry, amounts, end-use etc. If the Indian company complies with the prescribed norms, it can avail ECB without any prior approval. For certain specified sectors, a borrowing by way of ECB is subject to approval of the Government.

Foreign Portfolio Investment

Other than FDI, portfolio investment is the other popular route for foreign investors looking to invest in India. In 2014, SEBI notified the Securities Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014 (FPI Regulations) which harmonized the investment by Foreign Institutional Investors (FIIs), sub accounts and Qualified Foreign Investors (QFIs) into a single category, referred to as ‘Foreign Portfolio Investors’ (FPI).

Permitted Investments by FPI

As per the FPI Regulations, an FPI can only invest in the following securities, namely:

  • shares, debentures and warrants of companies, listed or to be listed on a recognized stock exchange in India through primary and secondary markets;
  • Units of schemes floated by domestic mutual funds, whether listed on a recognized stock exchange or not;
  • Units of schemes floated by a collective investment scheme;
  • Derivatives traded on a recognized stock exchange;
  • Treasury bills and dated government securities;
  • Commercial papers issued by an Indian company;
  • Rupee denominated credit enhanced bonds;
  • Security receipts issued by asset reconstruction companies;
  • Perpetual debt instruments and debt capital instruments, as specified by the Reserve Bank of India from time to time;
  • Listed and unlisted non-convertible debentures and/or bonds issued by an Indian company in the infrastructure sector, where infrastructure’ is defined in terms of the extant external commercial borrowings (ECB) guidelines;
  • Non-convertible debentures or bonds issued by Non-Banking Financial Companies categorized as “Infrastructure Finance Companies” (IFCs) by the Reserve Bank of India;
  • Indian Rupee denominated bonds or units issued by infrastructure debt funds;
  • Indian depository receipts;
  • Unlisted non-convertible debentures and/or bonds issued by an Indian company subject to the guidelines issued by the Ministry of Corporate Affairs, Government of India from time to time;
  • Securitized debt instruments, including: (i) any certificate or instrument issued by a special purpose vehicle set up for securitization of asset/s with banks, financial institutions or non-banking financial institutions as originators; and (ii) any certificate or instrument issued and listed in terms of the SEBI (Public Offer and Listing of Securitized Debt Instruments) Regulations, 2008.

Restrictions on holding by FPI

An FPI can purchase or sell capital instruments10 of an Indian company on a recognised stock exchange in India subject to:

(a) the total holding by each FPI or an investor group being less than 10 % of the total paid-up equity capital on a fully diluted basis or less than 10% of the paid-up value of each series of debentures or preference shares or share warrants issued by an Indian company and the total holdings of all FPIs put together shall not exceed 24 % of paid-up equity capital on a fully diluted basis or paid up value of each series of debentures or preference shares or share warrants.

(b) the said limit of 10 % and 24 % is called the individual and aggregate limit, respectively. The aggregate limit of 24% can be increased by the Indian company up to the sectoral cap/statutory ceiling as prescribed in the FDI policy issued from time to time, with the approval of its board of directors and its general body through a resolution and a special resolution, respectively.

(c) in case the total holding of an FPI increases to 10% or more of the total paid-up equity capital on a fully diluted basis or 10% or more of the paid-up value of each series of debentures or preference shares or share warrants issued by an Indian company, the total investment made by the FPI shall be re-classified as FDI subject to the conditions as specified by SEBI and RBI in this regard and the reporting requirements as prescribed in exchange control regulations being complied with.

Enforcing Contracts

Enforcement of contracts is one of key parameters based on which World Bank’s ranking on ease of doing business is determined. The enforcing contracts indicator measures the time and cost for resolving a commercial dispute through a local first-instance court (competent court), and the quality of judicial processes index, evaluating whether the country has adopted a series of good practices that promote quality and efficiency in the court system. India has taken a number of steps in the right direction in this sphere. The Arbitration and Conciliation Act, 1996 which deals with the alternate dispute mechanism system in India was amended from October 23, 2015 (the Arbitration Amendment Act). The Arbitration Amendment Act has substantial changes to reduce the timelines within which a dispute is adjudicated. As per the Arbitration Amendment Act, the arbitral tribunal has been vested with the power to impose heavy costs for adjournments without sufficient cause. Every arbitral award is to be made within 12 months from the date the arbitrator receives a written notice of appointment. The parties may mutually decide to extend the time limit by not more than six (6) months. If the award is not made within 18 months, the mandate of the arbitrator(s) will terminate unless the court extends the period upon an application filed by any of the parties. Additionally, the courts have been proactive in giving effect to the contractual rights agreed between the parties.

Resolving Insolvency

The Insolvency and Bankruptcy Code, 2016 (IBC) notified on May 28, 2016, consolidates the fragmented legal framework under Indian law in relation to the reorganisation and insolvency resolution of corporate persons, partnership firms and individuals. It provides a time bound framework for the maximisation of value of assets of corporate debtors, promotes entrepreneurship, availability of credit, and balances the interests of all the stakeholders in reorganization and/or insolvency resolution proceedings in India. It applies to the insolvency, liquidation, voluntary liquidation or bankruptcy of companies, limited liability partnerships, body corporates, partnership firms, and individuals. Under the IBC, if a corporate debtor committing a default of INR 100,000 (Indian Rupees One Hundred Thousand only) or more, a financial creditor, an operational creditor or the corporate debtor can initiate corporate insolvency resolution under the IBC.

Corporate Governance

Corporate Governance plays an important role in maintaining transparency, encourages accountability of the management to the stakeholders, and leads to prompt, accurate and appropriate disclosure of information. Corporate Governance plays a larger role in listed companies, where large public shareholders are not involved in day to day management of the listed company. With the aim of improving standards of Corporate Governance of listed companies in India, a committee headed by Mr. Uday Kotak was requested to make recommendations to SEBI on issues related: (a) ensuring independence in spirit of Independent Directors and their active participation in functioning of the company; (b) improving safeguards and disclosures pertaining to Related Party Transactions; (c) issues in accounting and auditing practices by listed companies; (d) improving effectiveness of Board Evaluation practices; (e) addressing issues faced by investors on voting and participation in general meetings; (f) disclosure and transparency related issues. The recommendations made by the committee are presently being evaluated by SEBI.

Human Resources

According to a Bloomberg News analysis of United Nations population-projection data, India’s millennial generation is bigger than China’s or the U.S., which will boost the nation’s labour force to the world’s largest by 202711. A large amount of FDI in attracted by labour intensive export oriented units. Therefore, it becomes imperative for foreign investors to be well acquainted with the labour laws in India. Labour laws in India are administered by both the Central Government and the various State governments. The existing labour laws in India govern not just the factory workers but all employees who are employed in organized sector. Social security, employee safety, industrial disputes, and welfare of labourers fall in the concurrent list of the subjects Constitution of India, and therefore both the Central Government and state Governments are empowered to enact, administer and enforce labour laws and implement labour welfare reforms. All employers having more than 20 employees are required to make social security contribution, i.e. provident fund contribution for all employees earning upto INR.15, 000/- per month to the provident fund board and provide insurance by making contribution to state insurance board for all industrial workers earning salary upto INR.21,000/- per month.

The Government has also introduced a number of labour law reforms. In 2017, the Maternity Benefit Act, 1961 was amended to extend the duration of maternity leave from 12 weeks to 26 weeks. Further, with a view to improve the ease of doing business in India, the labour ministry has also launched common registration service on the e-biz Portal for registrations under Employees Provident Fund & Miscellaneous Provisions Act, 1952, Employees State Insurance Act, 1948, Building & Other Construction Workers (Regulations of Employment and Conditions of Service) Act, 1996, Contract Labour (Regulation and Abolition) Act, 1970 and Inter-State Migrant Workmen (Regulations of Employment and Conditions of Service) Act, 1979.

Doing Business in India

Data Protection

In today’s technology driven world, data surrounds us and is generated in virtually everything we do. One type is data that we may voluntarily share, and the second type is the data which is generated literally every time we do something – whether it be travel, order a meal or use transportation. India presently does not have a comprehensive data protection legislation. However, the Government of India had set up a committee of experts under chairmanship of Justice Srikrishna, a former Judge of the Supreme Court of India, to (i) study various issues relating to data protection in India; (ii) make specific suggestions on principles underlying a data protection bill and (ii) draft the data protection bill. The objective is to ensure growth of the digital economy while keeping personal data of citizens secure and protected. The committee of experts has presently come out with a white paper to solicit public comments on what shape the data protection law must take and the comments of the stakeholders are presently awaited.


1. [https://en.wikipedia.org/wiki/Economy_of_India]

2. [http://www.livemint.com/Politics/9fx4v1xGMkvCk05WLP78GO/IMF-sees-India-GDP-growth-at-74-in-2018-Chinas-at-68.html]

3. [http://economictimes.indiatimes.com/news/economy/finance]

4. [http://www.doingbusiness.org/data/exploreeconomies/india]

5. [http://www.business-standard.com/article/companies/corporate-india-m-a-pe-deals-cross-60-bn-in-2017-118012800107_1.html]

6. [https://www.oecd.org/gov/regulatory-policy/44925979.pdf]

7. [http://dipp.nic.in/sites/default/files/FDI_FactSheet_Updated_September2017.pdf]

8. [This does not include development of townships, construction of residential /commercial premises, roads or bridges and Real Estate Investment Trusts (“REITs”) registered and regulated under the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations 2014.]

9. [Railway infrastructure refers to construction, operation and maintenance of (i) suburban corridor projects through public private partnership, (ii) high speed train projects, (iii) dedicated freight lines, (iv) rolling stock including train sets, and locomotives/coaches manufacturing and maintenance facilities, (v) railway electrification, (vi) signaling systems, (vii) freight terminals, (viii) passenger terminals, (ix) infrastructure in industrial park pertaining to railway line/sidings including electrified railway lines and connectivity to main railway line, and (x) mass rapid transport systems.]

10. [‘Capital Instruments’ means equity shares, fully, compulsorily and mandatorily convertible debentures, fully, compulsorily and mandatorily convertible preference shares and share warrants issued by an Indian company;]

11. [http://www.livemint.com/Politics/a0y9fkiCenfbxsPqifJWaK/India-seen-topping-global-labour-force-in-next-decade-data.html]

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