Procedure to close a foreign subsidiary in dubai

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29 Points Posted on 18 August 2011

Hi,

 

We have opened a subsidiary in Dubai with 90% share holding around 2 year back. Unfortunately this company is making loss continuously. Now our Indian management decided to close that company. Now can anybody help me on the following points:-

 

1.                   What is the procedure as per Indian Companies Act 1956

2.                   What information to be send to RBI under FEMA Act, The whole investment is around USD $ 3 Lac (including equity and loan)

3.                   Is this Investment loss allowable by Income Tax Department

 

 

 Regards

 

Jai Dev

 

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On 18 August 2011 at 17:48 Report
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6394 Points Posted on 12 September 2011

First need to settledown all the liabilities and making application for liquidation  in compliance of the law of that country where situated and after completing the procedure intimation is required with detail of statement of affairs of the company is required to be given to the RBI within 30 days.

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On 12 September 2011 at 12:11

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