CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17848 Points)
Replied 11 February 2010
Dear Ramanju,
As such there is no such restriction, if your company comes under automatic route you have to only send a report to RBI through Authorised Dealer Category I Bank in form FCGPR with in 30 days of allotment. Further, a report is also required to be send to RBI within 30 days of receipt of amount being the foreing inward remittance.
Otherwise you have to obtain a approval from the Central Government through FIPB. And then you can allot shares to them.
Please refer Foreign Exchange Management (Transfer or issue of securities by a person resident outside India) Regulations, 2000.
And RBI Master Circular foreign Investment In India.
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 23 February 2010
here is the info.....
CAclubindia
