Hi friends,
My co is a pvt co. which has 80% share holding of a foreign co. making it a subsi of that foreign co. Now my pvt co. wants to take loan from that holding foreign co.....since sec 372A is not applicable...only Board Resl. is reuired to be passed as per companies act. what are the procedural requirements as per fema as for taking loan from foreign co.... foreign currency will cum to India.
Kindly respond as soon as possible
Thanks & Regards
Mani
My co is a pvt co. which has 80% share holding of a foreign co. making it a subsi of that foreign co. Now my pvt co. wants to take loan from that holding foreign co.....since sec 372A is not applicable...only Board Resl. is reuired to be passed as per companies act. what are the procedural requirements as per fema as for taking loan from foreign co.... foreign currency will cum to India.
Kindly respond as soon as possible
Thanks & Regards
Mani
CAclubindia
