03 September 2011
AT THE OUTSET MY SINCERE THANKS TO THE LEARNED MEMBERS FOR ANSWERING ALL MY QUERIES QUICKLY.
1. CAN ANYONE PLS LET ME KNOW IN CASE OF TRANSFER OF SHARES BY RESIDENT TO NON RESDENT WHAT DOCS ARE REQUIRED TO BE ATTACHED WITH FORM FCTRS WHERE THE TRANSFERORS ARE TWO INDIVIDUAL SHAREHLDERS OF INDIAN COMPANY AND TRANSFEREE IS A PVT. LTD. COMPANY BASED IN SINAGPORE.
FURTHER, AS PER FEMA REGULATIONS, IT REQUIRED: Consent Letter duly signed by the seller and buyer or their duly appointed agent and in the latter case the Power of Attorney Document.
2. CAN ANYONE PLS TELL ME WHETHER A BOARD RESOLUTION ISSUED BY TRANSFEREE COMPANY IN FAVOUR OF THEIR INDIAN REPRESENTATIVE IS SUFFICIENT OR IT HAS TO BE POA ONLY. AND DOES IT REQUTED TO BE CONSULATED/APPOSTILED.
Ans for Qus: 1 The following are the documents has to be filed with AD bank are: 1. Covering letter has to be addressed to AD’s Branch Manager. 2. Three sets of FC TRS 3. The Buyers undertaking 4. The Sellers undertaking 5. Seller consent letter 6. Statement of inflow in connection with transfer of shares by way of sale. 7. Shareholding pattern 8. Valuation certificate obtained from the Chartered accountant 9. FIRC copy for the money received.
Ans for Qus: 2 Board resolution Not require for the transferee.
**if u want any further Clarification ask me here k. i'll clarify.
1. Is there any specific format of undertaking ref. point No. 4 and 5. 2. Statement of inflow point No. 6 I think FIRC and KYC report takes care of that. 3. Query 2. You mean to say that POA from foreign co. is required, if yes where can I get a format of the same.
CAclubindia
