This discussion clarifies whether a foreign company purchasing shares of an Indian company from another foreign entity needs to obtain a CA Certificate in Form 15CB and furnish details in Form 15CA. The consensus is that these forms are only required for remittances originating from India. Since the remittance in this scenario is made directly by the buyer foreign company to the seller foreign company, and not from India, Forms 15CA and 15CB are not necessary.
20 January 2023
Foreign Company buys shares of an Indian Company from another foreign company. Whether the buyer foreign company has to obtain CA Certificate in Form 15CB & furnish details in Form 15CA while making remittance to the seller Foreign Company?