1. INTRODUCTION
By now, the people initiated to the subject matter have been
well aware of the protectionist measure undertaken by the
Government of India (the "GoI") towards
curbing opportunistic takeovers or acquisitions of Indian companies
during the COVID-19 pandemic, by issuing the press note dated April
17, 2020 and its related amendment to the Foreign Exchange
Management (Non-debt Instruments) Rules, 2019 (the
"NDI Rules") (famously known as the
"Press Note 3")1. In essence
the Press Note 3 provides that an entity of a country, which shares
land border with India (the "Bordering
Countries")2 or where the beneficial owner
of an investment into India is situated in or is a citizen of any
such Bordering Country, can invest (whether by subscription of
shares in a primary issuance or by acquisition of shares in a
secondary sale) only with the prior approval of the GoI. As of the
date, the relevant department of the GoI for the purposes of
approval under Press
