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May 2014

A. P. (DIR Series) Circular No. 124 dated 21st April, 2014

By Gaurang Gandhi Chartered Accountant
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Press Note No. 1 (2014 series) D/O IPP dated 8th January, 2014

Notification No. FEMA. 296/2014-RB dated 3rd March, 2014, vide G.S.R. No. 270(E) dated 7th April 2014

Foreign Direct Investment in Pharmaceuticals sector – clarification

This circular states that, with immediate effect, the ‘non-compete’ clause will not be permitted in the case of FDI in Pharmaceuticals sector, except with FIPB approval. Hence, whenever parties want to incorporate the ‘non-compete’ clause in their agreements FDI will have to be under the Approval Route.

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