Fdi in india by non-resident indian

9.

Report by the Indian company

(1)

An Indian company issuing shares or convertible debentures in accordance with these Regulations shall submit to Reserve Bank,

A)

not later than 30 days from the date of receipt of the amount of consideration, a report indicating:

i)

Name and address of the foreign investors

ii)

Date of receipt of funds and their rupee equivalent

iii)

Name and address of the authorised dealer through whom the funds have been received, and

iv)

Details of the Government approval, if any.

B)

not later than 30 days from the date of issue of shares, a report in form FC-GPR together with,

(i)

a certificate from the Company Secretary of the company accepting investment from persons resident outside India certifying that

(a)

all the requirements of the Companies Act, 1956 have been complied with;

(b)

terms and conditions of the Government approval, if any, have been complied with;

(c)

the company is eligible to issue shares under these Regulations; and

(d)

the company has all original certificates issued by authorised dealers in India evidencing receipt of amount of consideration in accordance with paragraph 9;

(ii)

a certificate from Statutory Auditors or Chartered Accountant indicating the manner of arriving at the price of the shares issued to the persons resident outside India.