Transfer of shares from foreign investor

Hi Friends,

One of my client is into a joint venture with a French company. They have formed a private limited company with 50:50 shareholding in 2010 and the shares were allotted to the foreign partner in compliance with RBI and ROC.

Due to Europe slow down the joint venture is called off. Now we need to purchase the shares from the foreign partner by transferring the fund from India. Please advise the procedures to be complied with RBI and ROC.

Appreciated for your valuable advise. Thanks.