Fema compliance- purchase of shares in an indian co. from a
This query is : Open
Abizer Y. Khambaty
(Querist)
24 May 2013
An Indian Resident is to purchase equity shares in an Indian Company from a NRI.
At the same time the NRI is also to pay some purchase consideration to this Indian Resident on account of a current account transaction.
Can this consideration be set-off and only the net amount be paid to the NRI for the purchase of shares.
Kindly also provide a reference of the corresponding circular / section.
At the same time the NRI is also to pay some purchase consideration to this Indian Resident on account of a current account transaction.
Can this consideration be set-off and only the net amount be paid to the NRI for the purchase of shares.
Kindly also provide a reference of the corresponding circular / section.
CA. Anuj Gupta
(Expert)
24 May 2013
No, the same is not permitted.
Anuj
Femaquery@gmail.com
Anuj
Femaquery@gmail.com
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Abizer Y. Khambaty
(Querist)
27 May 2013
Sir, but is it explicitly mentioned anywhere that the same shall not be allowed.
Could you please provide me a reference of the same?
Could you please provide me a reference of the same?
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