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transfer of shares

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(Querist)
28 April 2011 A foreign company registered in USA and all the shares of the company are acquired by the Indian individual now Indian individual wants to transfer their shares to Indian company. Plz any one tell me what is the procedure and applicable law.
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Pravin Gupta CS

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Pravin Gupta CS (Expert)
29 April 2011 here is transfer is done according to US law...not according to indian laws
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CA. Anuj Gupta

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CA. Anuj Gupta (Expert)
02 May 2011 First of all US laws need to be understood. Then there are implications under FEMA for the same .

First of all clarify under which scheme of FEMA does the individual purchase shares in US Company. Whether it was 2 lakh dollar scheme or approval from RBI was taken for the same.

On purchase of such shares by Indian Company the provisions of outbound Investment shall come into Picture. Filing of Form ODI and yearly filing of Statement of Assets & Liabilities needs to be done.

There shall be Income Tax issues in the transaction which also needs to be looked into.

Anuj
0-9810106211
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