Procedure to close a foreign subsidiary in dubai

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