-The FDI has been approved by way of the transfer of shares from existing shareholders and public shareholders through a mandatory Open Offer
-The eCourts project has been under implementation since 2007 for ICT enablement of the Indian Judiciary. The Phase II of the project has concluded in 2023
New Delhi, NFAPost: Under the chairmanship of Prime Minister Narendra Modi, the Cabinet Committee on Economic Affairs (CCEA) approved the foreign direct investment (FDI) proposal of up to Rs 9,589 crore in Suven Pharmaceuticals Limited by Berhyanda Limited of Cyprus, CCEA said in a press release.
The government has approved the acquisition of 76.1% equity shares of Suven Pharmaceuticals Limited, a public limited Indian pharmaceutical company listed on the National Stock Exchange (NSE) and BSE.
The FDI has been approved by way of transferring shares from existing and public shareholders through a mandatory Open Offer. The aggregate foreign investment may increase up to 90.1 per cent in Suven Pharmaceuticals Limited, the Cabinet Committee on Economic Affairs (CCEA) said in a press release.
Sebi, RBI, CCI, and other regulatory authorities have looked into the proposal. The approval has been granted after evaluating the proposal by the departments concerned, RBI and Sebi, and is subject to the fulfilment of all rules and regulations as applicable in the matter, the release said.
The entire investments in foreign Investor Company, Berhyanda Limited, are held by Advent Funds, which pool investments from various Limited Partners (LPs). Advent International Corporation, an entity incorporated in the USA, manages the Advent Funds. The group has invested across healthcare, financial services, industrial manufacturing, consumer goods and IT services sectors.
Advent India started its investments in India in 2007 and has invested about Rs 34,000 crores so far in 20 Indian companies. The approved investments are aimed at generating new jobs, and capacity expansion of the Indian economy through investments in plant and equipment.
eCourts phase-III project for Rs 7,210 crore approved
The Union Cabinet has also approved the eCourts Project Phase III as a central sector scheme with a financial outlay of Rs. 7,210 crore.
According to the news agency PTI, following the Cabinet meeting chaired by Prime Minister Narendra Modi, Anurag Thakur, Information and Broadcasting Minister, said that eCourts mission mode project is the prime mover for improving access to justice using technology in line with the PM’s vision of “Sabka Sath, Sabka Vikas and Sabka Vishwas”.
As part of the National eGovernance Plan, the eCourts project has been under implementation since 2007 for ICT enablement of the Indian Judiciary. Phase II of the project will conclude in 2023.
“The third phase aims to move towards digital, online, and paperless courts through digitisation of the entire court records, including legacy records and by bringing in universalisation of e-filing/e-payments through saturation of all court complexes with e-Sewa Kendras,” the press release stated.
The third phase will help establish intelligent smart systems for judges and registries. The main objective of the Phase-III is to create a unified technology platform for the judiciary to provide a seamless and paperless interface between the courts, the litigants and other stakeholders.
Under the project, digitisation of court records will make processes more environmentally friendly by minimising paper-based filings. It would also lead to enhanced accuracy and transparency in court proceedings. Further, the use of artificial intelligence (Al) and its subsets machine learning (ML), optical character recognition (OCR), and natural language processing (NLP) to provide a smoother user experience by building a “smart” ecosystem. Virtual participation in court proceedings can reduce costs associated with court proceedings, such as travel expenses for witnesses, judges, and other stakeholders.
The project will also put emphasis on automated delivery of court summons by expanding the National Serving and Tracking of Electronic Processes (NSTEP).
