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Rights issue to overseas corporate body

This query is : Resolved 
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(Querist)
31 October 2012 Dear all,

We are 100% subsidiary of the Japanese Company and we have authorised cpaital comprising of Equity as well as preference shares.
Prefernce shares have been redeemed upto 90%. Now we proposed to Reclasify already redeemed portion of the preference share into Equity shares.

Is any RBI permission is required for issuing such reclassified shares??

please let me know what forms are required to be filed for taking permission??

how many days RBI takes to give such approval?

On What parameters RBI gives the permission.

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CA. Anuj Gupta

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CA. Anuj Gupta (Expert)
03 November 2012 I am not clear how can you reclassify the redeemed preference shares as equity.

You can again bring the money equivalent to the redeemed preference shares as equity.

Anuj
femaquery@gmail.com
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