New control definition will not apply to Jet-Etihad deal: report

The Cabinet approval of a revised norm to define 'effective control' for the purpose of foreign direct investment or FDI will not apply on the Jet-Etihad deal as it will be applicable only with prospective effect.       "The new definition (of effective control) will be prospective, it will take a while for it to be notified and all regulations accordingly aligned thereafter, including the FEMA (Foreign Exchange Management Act) g...