Downstream investments by entities owned and controlled by resident Indian citizens presently may not be counted for ascertaining indirect foreign investments which are subject to restrictions under the FDI Policy. Article in this issue terms such policy as a blessing in disguise. National Manufacturing Investment Zones' developers are now allowed to go for External Commercial Borrowings (ECB) under approval route. Under "Ratio decidendi", this issue of "Corporate Amicus" covers the order of Appellate Tribunal for Electricity holding that Petroleum and Natural Gas Board has power to adjudicate disputes falling under Sections 11(a) and 12 of the Petroleum & Natural Gas Board Act, 2006. "News Nuggets" this month covers recent order of the Competition Commission of India imposing huge penalty for cartel formation and bid-rigging.