Can a foreign company holding shares of an indian listed company sell shares in India on stock exchange and use the sale proceeds to buy shares of a non listed company, which will then become its subsidiary
sunil (CA) (24 Points)
20 January 2010Can a foreign company holding shares of an indian listed company sell shares in India on stock exchange and use the sale proceeds to buy shares of a non listed company, which will then become its subsidiary
Aman Jain
(Company Secretary in Practice)
(165 Points)
Replied 20 January 2010
Dear Sunil,
plz be specific,
tell the sector in whcih investment was made
automatic route or approval route?
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 25 January 2010
Sunil,
Please post query with details of the Sector of the company of which the shares had been purchased & in which the foreign company wants to invest...
Coz FEMA,1999 prohibits some prescribed investment by PROI (Person resident outside india) in India..
Adarsh
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
