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Credulity was strained at the RBI upon examination of an investment by Japanese Tobacco in its Indian joint venture. The JV is equal with the Indian shareholder and the partners needed to induct Japanese investment to cover operating losses without disturbing the shareholder structure. The Japanese paid 298 for new shares (face value of 1 with a 297 premium) while the Indian partner bellied up to the bar buying the same amount of shares for 1 (face value without the premium), and that 1 was borrowed.