FOREIGN EXCHANGE MANAGEMENT ACT, 1999
This query is : Resolved
CA. Satish Karambali
(Querist)
04 January 2008
There is one private comapny wants to carry on the business of developers & builders in the areas of Big Malls, Showroom, IT edifice in India by taking funds from foreign individual investors and foreign private equity.
In return of that funds company will allot Reedeemable Cumulative Preference shares at agreed price. These shares shall redeemed after specified period say 3 years.
Is it allowed under FEMA and If yes what procedure will have to follow? If No please expalin reasons?
In return of that funds company will allot Reedeemable Cumulative Preference shares at agreed price. These shares shall redeemed after specified period say 3 years.
Is it allowed under FEMA and If yes what procedure will have to follow? If No please expalin reasons?
S.Srinivasaraghavan
(Expert)
27 February 2008
This will fall under the category of a debt and therefore FEMA guidelines in this regard has to be observed.
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