Buy back of shares
Querist : Anonymous
I would like to know the procedure for a company buying back shares from a non resident shareholder.
What are the documents to be filed and to whom?
Thanks in advance.
Querist : Anonymous
I will suggest you to read Master Circular issued by RBI on July 01, 2013, on FDI, it will help you.
The attention of sharesholders resident outside India is invited to regulation 10(B) of the Foreign Exchange Management (Transfer of issue of Security by a Person Resident Outside India) Regulations, 2000 whereby transfer by way of sale by a person resident outside India of the equity shares held by him/her to a person resident in India shall require prior approval of the Reserve Bank of India.
The Company will send along with the letter of offer, the prescribed Form TS-1 to all the shareholders resident outside India who are registered members as on the Specified Date i.e. 30th December, 2004 as per the records of the Company. The Letter of Offer Forms from persons resident outside India must be accompanied by TS-1 Forms, duly filled up and signed, to enable the Company to make a consolidated application to RBI for the requisite approval. All such letter of offer along with TS-1 Form and other documents must be sent to the Registered Office of the Company at 429, Vitalbhai Patel Road, Mumbai-400004.
Querist : Anonymous
http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=8104
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