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Foreign company

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38 Points Posted on 10 July 2020
One of Italian company (Say, IT company), started its business in India by forming a company (Say, IT India company). The shares of IT India company is held by IT company.
Weather IT India company will be treated as foreign company as per sec 2(42) and for porpose of chapter xxii of companies act, 2013?
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On 10 July 2020 at 20:14 Report
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Chartered Accountant
12739 Points Posted on 11 July 2020

for the foreign company , two conditions shall be checked 

place of business in INDIA + having activity in INDIA (physically or electronically) 

so in your case , I  can say yes it is a foreign company 

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On 11 July 2020 at 11:17
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Trichy
65 Points Posted on 12 July 2020
But it is formed and incoporated in in India by following the provisions of Indian Company Law, so it should be an Indian Company right?
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On 12 July 2020 at 13:29
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38 Points Posted on 12 July 2020
It have business activities in india physically and 100% shares are hold by two foreign company which are incorporated in foreign. Then it should be considered as foreign company in my opinion.
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On 12 July 2020 at 16:56
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delhi
720 Points Posted on 14 July 2020
No it's not covered under section 2 (42). your company should be considered as subsidiary of foreign company but not foreign company.
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On 14 July 2020 at 01:05


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