20 May '15, 7am

#LattooRepublic Bachchans acquire minority stake in Singapore based firm: While most film persona... #TheIrfanism

While most film personalities are busy investing in their respective films, the Bachchans decided to venture into a different territory. In fact the Bachchans have acquired minority stake in Meridian Tech Pte of Singapore, which owns ziddu.com, a free cloud storage and e-distribution startup for a whopping $71 million. However, this investment has landed the Bachchan family in the middle of an ongoing farce between the Reserve Bank of India and the Finance Ministry. Apparently, this unforeseen issue arose since under the RBI's liberalised remittance scheme (LRS) any resident Indian is allowed to invest up to a certain amount in foreign assets. But in February this year, the RBI in its monetary policy statement announced that the LRS limit was being raised from $125,000 to $250,000 per person per year. However, the finance ministry is yet to approve RBI's decision. Due to t...

Full article: http://www.bollywoodhungama.com/movies/news/type/view/id/...

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