 "Three Zee Entertainment directors resign, cite related-party transactions")
The government on Monday said there are 3,560 companies in India that have Chinese directors.
In a written reply to the Lok Sabha, Minister of State for Corporate Affairs Rao Inderjit Singh said there are 174 Chinese companies that are registered in the country as foreign companies having place of business in India with the ministry.
"... as per the CDM database, there are 3,560 companies in India which have Chinese directors. It is not possible to give the number of companies having Chinese investors/ shareholders as the data is not separately maintained in the MCA (Ministry of Corporate Affairs) system," he said.
The Corporate Data Management (CDM) portal has been developed by the ministry as an in-house data analytics and business intelligence unit.
The government has amended certain rules and forms prescribed under the Companies Act, 2013 to regulate the incorporation of companies, the appointment of directors, issuance & transfer of securities and undertaking compromise, arrangements & amalgamation in cases where Land Border Countries Entities (LBCEs) are involved.
"New requirements have been provided through such amendments for disclosures, in such cases, about government approval obtained under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 or for obtaining security clearance from the Ministry of Home Affairs, Government of India," the minister said.
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