whether approval of abi is required or not in case of transfer of 99% of shareholding to foreign entity?
ACS Anjali Jain (SERVICE - CS) (472 Points)
28 August 2015whether approval of abi is required or not in case of transfer of 99% of shareholding to foreign entity?
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3303 Points)
Replied 30 August 2015
investment by acquisition of shares where the consideration is to be paid fully or partly by issue of the Indian Party’s shares (swap of shares), irrespective of the amount, the valuation will have to be done by a Category I Merchant Banker registered with SEBI or an Investment Banker/ Merchant Banker outside India registered with the appropriate regulatory authority in the host country.
ACS Anjali Jain
(SERVICE - CS)
(472 Points)
Replied 31 August 2015
I AM ASKING WHETHER RBI APPROVAL REQUIRED OR NOT? THE INVESTEE COMPANY IS ENGAGED IN TELECOM SECTOR.
prakash
(Company Secretary)
(1352 Points)
Replied 31 August 2015
Ajali,
Yes, RBI Approval is required for transfer of shares to Foreign Entity.
ACS Anjali Jain
(SERVICE - CS)
(472 Points)
Replied 31 August 2015
PLEASE SHARE THE NOTIFICATION OF RBI FOR THE SAME. IT WILL BE GREAT HELP
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