States tighten review of memorandums of understanding after investment gap: UP Links Pan-GST, Rajasthan named Defaulters, MP Settings Monthly Comments
The Uttar Pradesh government has now introduced a system to link companies signed by pan and GST to verify their net assets and shared capital before moving forward.
The decision comes after the 2022 memorandum of understanding and the consequences of Vuenow Infotech, which guarantees investment of Rs 135 billion for data centers, but has allegedly collected Rs 350 crore from investors and is currently under investigation in the ED.
The state has since canceled the memorandum of understanding and blacklisted the company.
The UP government is also reviewing Moore’s signatures at past summits.
Meanwhile, Rajasthan’s CM Bhajan Lal Sharma spoke at the Rajasthan Influence Program in Jaipur, several investors who lamented that they signed the MOUS are not slow to respond now and have not even answered calls or responded to emails. He said the state will begin monitoring such investors and plans to release a list of non-compliant entities. The Madhya Pradesh government has also established a monthly follow-up system where officials track investment progress. The focus now is on transitioning from the signature phase to groundbreaking execution in the initial phase.
