My Dear Esteemed members
I have a doubt regarding the Private company incorporation and further procedures
1. If we incorporated a company in india with indian promoters & directors after some time can we TRANSFER shares to non residents & can we appoint NRI Directors by removing the Indian Directors?
Is there any issus involved ? Is that well within in the meaning of an Indian comapny?
Please guide me
Dear Sadhana,
1.) You have to check the FDI limit prescribed in FEM Transfer and Issue of Securities by person resident outside India Regulation for transfering Shares and other necessary reporting to RBI (FC-GPR).
2.) With regards to Director, I think there are no restriction other than the NRI's (Director) eligibility to hold Share of that come covered under 1 above.
Regards
In addition to what Mr.Juzer has advised, take care to comply with provisions of articles of association, which will contain restrictive clauses for share transfer.
can an NRI hold 75% or more shares of an pvt. ltd. company. wht r the rules/restrictions on it. pl guide.
thnx. shiv
CAclubindia
