Dear Friends,
A from India transfers his shares in Private Limited Company to ABC which is a Foreign Company. They have executed a transfer deed on 1.1.2009. They have filed form FC-TRS on 10.1.2009. What shall be the Board's Approval date to this share transfer? Can Board approve this before filing of FC-TRS? Or the Board must verify whether this Form has been filed or not? Regards,
Board approval is mandatory for transfer of shares( such transfer would be complete after The board approved the same) before filing of FC-TRS with RBI. You may put approval date on or before 10th Jan 2009.
The board should verify whether the form of FC-TRS has been filed, in case of Transfer of shares from Resident to Foreign person or company.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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