India may ease rules for non-Chinese investments from Hong Kong: Report

India may reduce scrutiny of deals by Hong Kong-based investors as long as Chinese firms aren’t involved in the transactions, people with knowledge of the matter said.

The proposals under consideration include making it mandatory for beneficial owners from nations sharing a land border with India to seek the government’s permission to acquire more than 10% stake in any local firm, the people said, asking not to be identified citing rules. The discussions are at a preliminary stage, they said.

Prime Minister Narendra Modi’s administration is formalizing investment rules for neighboring countries amid a bloody border standoff with China earlier this year. That’s led to over 140 proposals worth more than $1.75 billion, including proposals from China and Hong Kong, getting delayed and complicating deal-making for investors.

The framework is expected to speed up the approval process and bring in much-needed clarity for both private equity firms and hedge funds and companies looking for foreign capital as they struggle amid the pandemic-generated economic shocks.

A call made to the trade and industry ministry spokesman was not immediately answered.

Read more: India Accuses China of Helping

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CMS Info Systems plans to invest upto Rs 1,300 crore on ATM ramp-up

Baring Private Equity-backed CMS Info Systems (CMS), plans invest upto Rs 1,300 crore to scale up its managed ATM business and cash management business in India.

Rajiv Kaul, vice-chairman and wholetime director, CMS Info System, said that starting with a capital expenditure of Rs 180-200 crore, the company expects to create 2,000 jobs.

Out of them, 70 per cent of will be blue-collar job opportunities, and the balance 30 per cent white-collar ones.

The investment will be funded through internal accrual and debt. The span for investment would be over seven years, Kaul said.

For the time being, the firm does not envisage specific investment from its owner Baring for these plans, he added. Sion Investment Holdings, an affiliate of Baring Private Equity Asia, holds 100 per cent in the company.

CMS has received mandate from State Bank of India for a deployment of 3,000 ATMs. As a part of the term sheet, CMS will select the site, deploy ATMs, provide cash management services, regular maintenance, and upkeep of ATMs. The contract is valid for seven years, extendable up to three years.


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Reports Of Martial-law Talk In Trump Meeting Draw Outrage

With one month to go until Joe Biden takes office, Donald Trump remains fixated on his failed bid to overturn the 2020 election — with his advisors reportedly floating the idea of invoking martial law, triggering outrage and disbelief in Washington.

Trump has stayed largely out of sight as several hugely consequential matters play out in the United States: from a massive cyberattack to high-stakes talks on a huge Covid-19 relief package to the rollout of a historic vaccine campaign.

But, according to accounts in The New York Times, CNN and The Wall Street Journal, the president found time Friday to oversee a turbulent White House meeting to discuss new ways to resist or overturn Biden’s victory — with the idea of deploying the military to assist in his fight raised, before being shot down.

Multiple reports said Trump also considered seizing election machines to inspect them; and naming Sidney Powell, a lawyer for his campaign team who has put forward outlandish conspiracy theories, as a special counsel to keep digging into Trump’s unsubstantiated allegations of mass election fraud.

Present at the fractious Oval Office meeting was retired General Michael Flynn, who was briefly the national security advisor before resigning

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