Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

foreign company

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

tara

tara (Querist)
Follow

06 November 2009 URGENT
whether an indian resident director is required on the board of foreign company in india

Rajnish

Rajnish (Expert)
Follow

09 November 2009 AT present MD of Indian company must be resident. There is no requirement that director should be Indian resident.The Ministry of Corporate Affairs, which is working on a new company law, is likely to relax the existing requirement where the managing director of an MNC subsidiary must be an India resident. The new law is likely to propose that at least one director on the Board should be a resident.

However, foreign companies and MNC subsidiaries will have to follow the disclosure norms applicable to domestic companies. This is to ensure proper compliance of domestic regulations by such entities.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now