Dipanjan (N/A) (89 Points)
29 November 2010A private limited company wishes to obtain a euro loan from one of its shareholder (at a reduced rate) with an option to convert it into equity after 5 years.
What will be the detailed procedure [proviso (a) to Sec 81(3) of the Companies Act]
Does 'Central Govt.' referred in proviso (a) to Sec 81(3) of the Companies Act refer to only RBI or to any other bodies??
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7024 Points)
Replied 31 March 2011
Herein you shall need to follow the External Commercial Guidelines & FDI rules prescribed by RBI.
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