Bachchans Invest In A Company Of Singapore
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Wednesday, 20th May 2015, 3:37 PM IST Bollywood celebs prefer investing in films, but the Bachchans are different. They have acquired minority stake in Meridian Tech Pte of Singapore for a whopping $71 million. The company owns ziddu.com, a free cloud storage and e-distribution startup. But, this investment has landed the Bachchan family in the center of an ongoing shambles between the Reserve Bank of India and the Finance Ministry. According to the grapevine, this unexpected issue arose since under the RBI's Liberalised Remittance Scheme (LRS) any resident Indian is permitted to invest up to a certain sum in foreign property. However in February this year, the RBI in its monetary policy statement declared that the LRS limit was being raised from $125,000 to $250,000 per person per year. But, the finance ministry is yet to approve it. Because of this, the initial plan of the Bachchans on investing as much as $500,000 in Meridian was changed with the family settling for a lower investment. Now you can enjoy ad-free experience by downloading India’s first Box Office mobile app from here –Android: http://bit.ly/BOCapsuleMobileApp and iOS: bit.ly/BOCapsuleiOSApp |