26 May 2010
Dear Sir/Madam our company is having a joint venture between our main company and a compnay outside india, since the compnay is not doing any business so it is our boards view to close the company and to reduce unnecessary hardship for winding up our company want to buy all shares from other joint venture so that it may become easy........kindly guide me what to do for pricing and all the other requirement for winding up of the compnay. Both joint venture companies are pvt . ltd co. Is any approval is required from RBI or other bodies kindly guide me........
26 May 2010
Approval from RBI under FEMA would be required only if the business of the company is such which requires such approval. I presume that such approval is not required. In which case, the valuationn can be worked out on the basis of book values and share transfer agreement be executed between the parties.
Once 100% ownership is with your group, you may go for voluntary winding up.
CAclubindia
