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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Foreign company
Replies (4)
Quick Summary
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
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?
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.
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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