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Transfer of shares of unlisted indian company by foreign co.

This query is : Resolved 
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(Querist)
07 September 2015 Facts of the case: There is an Indian Company based in Banglore having authorized and paid up capital of 75 lacs. 67% of its share is owned by a Maurititus based company. An NRI wants to purchase 67% share from Maurititus based company.

Now, could any one solve all these queries.

1. How the payment shall be made by NRI to Maurititus based company, i.e. from NRE/NRO ac in INR or USD or from ac maintained in Hongkong by NRI
2. What are the legal requirement that has to be complied with, i,e. ROC. FEMA, Income Tax, DTAA
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Amol S Joglekar

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Amol S Joglekar (Expert)
07 September 2015 01. Payment can be made as per the agreement between seller and purchaser.

02. ROC : to be notified with the share holding in due course of time.
FEMA : No issues.
Income Tax : Since the case is similar to VODAFONE, it is better that Mauritius based company ask for advance ruling from Indian Income Tax.
DTAA : Between India and other country is applicable.
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