Fema

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2013 Sir

I have a doubt regarding the latest fema notification. the latest notification says

"In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, (Notification No. FEMA 20/2000-RB dated 3rd May 2000), in Regulation 2, after the clause (iv), the following shall be inserted, namely:-

“(iva) 'Group company' means two or more enterprises which, directly or indirectly, are in a position to :
exercise twenty-six per cent, or more of voting rights in other enterprise; or

appoint more than fifty per cent, of members of board of directors in the other enterprise"

In the Notification No. FEMA 20/2000-RB dated 3rd May 2000), where does this apply. is it in the definition given"

Thanks

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 December 2013 yes it is given in definition.

Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2013 thanks sir . does the definition comes before the definition of company
(v) Indian company means a company incorporated in India;

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 December 2013 yes as def u/s 2 is always in chronological order of alphabets.

Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2013 thank you sir

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 December 2013 you are welcome.

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