Not fit and proper: VCs, startups cry foul as restriction on investments from Mauritius, China hurts

Sometime around early September 2020, when a startup was looking to close a secondary transaction in which a Hong Kong-based investor was to pick up a 10% stake from existing investors, it had to seek the Centre’s go-ahead. In April 2020, the government said investments from countries that share a land border with India would need its prior approval, in a move aimed at reducing the Chinese heft in Indian businesses.Soon after seeking the

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