Allotment to person of usa nationality

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2012 Where the proposed allottee in pvt ltd company is a person of nationality of USA then what is the procedure??

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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15 February 2012 1. Inform RBI within 30 days from the date of receipt of FDI in to the Company, the purpose for which the amount was received by the company. Note that amount should be credited in the Company's account not in INR

2. Receive FIRC from the Bankers (Authorized Dealers)which mention that amount is received for Equity Participation.

3.Allot the shares

4.Inform RBI within 30 days from the date of allotment by submitting following documents;
1.FCGPR
2.Copy of FIRC.
3. Auditor Certificate
4. Company Secretary certificate

5. On approval, RBI will send a unique number, which is to be mentioned in the share certificates.

Querist : Anonymous

Querist : Anonymous (Querist)

15 February 2012 Thanks for reply..

But he is person of resident in India.. he will transfer amount from his indian bank Account..

Then????

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