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To form a limited company by NRI & RI

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(Querist)
18 August 2008 can one NRI & resident indian form a private limited company? If law permit what is the procedure to include the NRI into the company as Director. I know through companies act book, NRI to became director after obtaining DIN. Please give details for OTHER APPROVAL, may be RBI or any other approval body for allotment of shares, appointment of Director or Managing Director & funds flow from foreign to india for capital & other purpose.
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CA S Sundararajan

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CA S Sundararajan (Expert)
18 August 2008 RBI's approval is mandatory for apply for Form IA itself and FDI should only through seperate Bank a/c.
Rest of the things are noraml to Private Co. by Resident
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