Priya Sharma (Company Secretary & Student.MBA) (998 Points)
25 August 2009The shareholder(a non resident entity in US) of a ABC limited company in India is transferring its shares to the other shareholder of ABC Limited, who is in India.In other words a non resident entity is transfeering its shares to a person resident in India.
So in this case apart form filing Form FCTRS, do we need file anyother things with RBI??
And can a non resident entity trff is shares by way of gift to a person resident in India.???
PLS ADVICE
Rgds
Priya Sharma
Kumar
(Legal Consultant)
(358 Points)
Replied 25 August 2009
No ,no other docuemnts required apart from the list of docuements such as CA,CS certificate,shareholding patern before & after the transfer of shares also kindly go through the recent circular issued by the RBI on this subject.
The non-resident is not entiled to gift the shares to resident.
Regards,
Ajay Mishra
(Company Secretary)
(74342 Points)
Replied 25 August 2009
Dear Ms. Priya
Please read Point No. 21 and 22 on page No. 11and 14 of Master Circular attached herewith regarding Transfer of shares and Convertible Debenture.
Regards
CAclubindia
