22 February 2011
Mr. A and Mr. B are two subscribers to MOA of AB Pvt. Ltd. who have subscribed 5,000 Equity shares of Rs.10/-each. Mr. A is a NRI and Mr. B is a resident of India.
Now, I have the following queries:
1. When the Company receives funds from Mr. A towards the shares subscribed by him, whether the recipt of the funds have to be intimated to RBI through Authorised Dealer along with FIRC within 30days from the date of receipt of funds?
2. Since this is a deemed allotment and not a allotment of shares, whether Part A of FC-GPR to be filed?
3. Whether in the form we r filing for intimating the reciot of the funds, we can mention the fact that Mr. A is one of the subscribers to the MOA of the Company and shares will be allotted to him in his capacity as subscriber to MOA of AB Pvt. Ltd.?
23 February 2011
There is exactly no clarity on the matter however as a matter of prudence you should comply with provisions of the FEMA(as enumerated by you)
CAclubindia
