A joint venture may be classified into the following types, on the basis of how it is constituted. It is not mandatory that it be reg- istered, however registration helps in providing certain benefits and exemptions under various statutes and enactments, and makes the partners eligible for instituting legal proceedings to enforce their rights, as arising from the partnership agreement. In India, there are no separate laws or set of principles governing the formation, conduct, and termination of joint ventures. In other special cases, not covered under the automatic route, a special approval of FIPB is required and then no further RBI permission is to be sought. Thus, it is very like a partnership. It does not create a separate corporate entity or create equity capital. In India, joint ventures also may be classified on the basis of the strat- egy they will follow The Government has outlined more than 30 high priority areas covering most of the industrial sectors. Basically, in this kind of joint venture, the equity of the project is divided into shareholdings.
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