Any Special provision for NRI to became director of Company

MCA 1618 views 3 replies

Our client has made a Company in 2007. There are only two directors in the Company both are Indian but for last 5 years having taken the green card at  Malashia and residing there. At the time of incorporation of the Company , they have disclosed their status as resident and not NRI.

After that, they have purchased the AgricultureLand in India and payment have come through NRI A/c in foreign currency and except this, there are no activity in the Company.

Now we have to do the Audit and prepare the ROC record of the Company, pls inform us that

1.      whether there is any requirement to obtain the permission from the RBI to transfer and invest the amount into India.

2.      Whether NRI can become the director of the Company without any permission or there is any requirement to obtain the permission to Incorporate the Company in india or not.

Waiting for the reply

Replies (3)

Arun,

 

do let me know da answer too, if u get ur matter resolved.. coz i hv da same query too...

 

thanks..

 

Dear Arun


 

Who purchased the Agri Land ? Whether its Co' -or- Drectors personally ?

You mentioned that payment is made from NRI account that is Director's pesonal A/c is n't it ?

Purchase of Agriland by NRI is a restricted Item, carefully look in to it.

The Co' is Indian Company and its bank account also Indian Account only no restiction if Co purchase land in its own name, .


 

Regarding land deal you need to comply RBI regulations.

Regarding diectorship for NRIs there is no significat restrictions.

Regards,,
 

RBI should have been informed in the said case and since the purchase of land is involved , the same should be imediately informed to RBI and its instructions should be followed.

 

Anuj

0-9810106211


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register