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Foreign Company status
A wholly owned subsidiary indian Company(Subsidiary of a Foreign Company) had its management in India. If the management is also taken over by the concerned foreign company, whether the status of the indian company would lie as such or whether it would become a foreign company?
Replies (2)
The company is registered under the Companies Act, 1956. The management change would not affect the status of the company.
Any company registered under the Companies Act, 1956 shall for the purpose of FEMA,Income Tax ,Companies Act and any other regulatiopn/law shall be an Indian company.
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