I have a query that if an Indian Company is raising foreign equity from NRI ( $ 10 million)and it is a paper product industry it is under automatic route of RBI then what are the requirements under the Companies act which has to be complied of. AS in form FC-GPR ,Company secreatry has to certify this.
So Please tell me what are those requirments in companies act which are to be complied of.Plese help
As per the FDI Master Circular it's not covered under the Annexure-I, therefore it should be under 100% automatic route. Attached checklist might be helpful to you. Plz. be guided by the master circular.
Regards,
Dear Friend,
If such amount is raised from froign against issue of specified securities, then it will be compulsory to file FC-GPR (Part-A) within 30 days from the date of Allotment with RBI. Please find enclosed Master Circular 2010 issued by RBI on FDI.
Regards
CS Ajay Mishra
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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