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The end of 2011 saw some significant steps towards opening up further the Indian markets to foreign investors in certain sectors with the issuance by the Department of Industrial Policy and Promotion (DIPP) of the Ministry of Commerce and Industry, Government of India, as anticipated, of its new consolidated Foreign Direct Investment (FDI) policy by way of Circular No
The rulings of the Bombay High Court in the famous US$2.5 billion tax assessment case against Vodafone in Vodafone v. Union of India and the rulings more recently in Aditya Birla Nuvo Limited v. DDIT and Union of India, New Cingular Wireless Services Inc. v. DDIT and Tata Industries Ltd. v. DDIT are all full of cautionary tales for foreign investors looking to buy Indian-related assets
