24 March 2010
The shares in new Company is subscribed by foreigner, majority of shares subscribe by him and other two subscribers are Indian and they are director, remaining shares subscribed by director.So witness who has signed the MOA is Indian professional. I have doubt whether Indian professional can sign for all subscriber or not.
24 March 2010
It is not clear from your question at which place the foreigner signed the MOA( i.e. in India or abroad?). If in India the Indian professional can be a witness provided the photostat copy of passport and visa shall be attached with the Form 1 (countersigned by professional). Besides the original passport shall be submitted to ROC for his verification. If the foreigner has signed the documents at abroad then it should have been at an Indian Embassy / Consulate. In such case the official at Indian Embassy shall be the witness for his sign.
24 March 2010
Thank you Sir, Foreigner was in India when he had sign the Last page of MOA.Is there is any need of approval of RBI if foreigner has subscribed 97% shares.
CAclubindia
