The Uttar Pradesh government has now introduced a system to link PAN and GST numbers of companies signing MoUs, to verify their net worth and share capital before moving forward.
This decision follows the fallout from a 2022 MoU with VueNow Infotech, which pledged 13,500 crore investment for data centers but allegedly collected 3,500 crore from investors and is now under ED investigation.
The state has since scrapped the MoU and blacklisted the company.
The UP government is also reviewing MoUs signed in past summits.
Meanwhile, Rajasthan CM Bhajan Lal Sharma, speaking at the Rising Rajasthan Impact Program in Jaipur, lamented that several investors who signed MoUs are now unresponsive-not even answering calls or replying 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 set up a monthly follow-up system where officials track investment progress. The focus is now on transitioning MoUs from the signing stage to groundbreaking execution in the initial phase.
