Form fctrs

This query is : Resolved

P.C. Joshi (Querist)
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11 February 2012 Dear Friends,

Shares of A pvt. Company were transferred from Resident shareholders to a NRI entity(Singapore based co.)to the extent of 98% of total holding.Form FCTRS was filed with AD. Is there any statutory requirement under FEMA Regulation to get approval/confirmation of the said transaction. the Indian compnay has been advised by its legal consulatants that RBI approval is must. But as per my knowledge, FORM FCTRS is to be submitted to AD which will issue the requisite certifcate.

Can anyone throw some light on it.

Thanks

P.C> Joshi

Ajay Mishra

Ajay Mishra (Expert)
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13 February 2012 Dear Mr. Joshi

Kindly check the Master Circular of Foreign Direct Investment in Indian company regarding sect oral cap, means company in which FDI is permitted.

Regards
ACS Ajay Mishra

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