Dear Friends,
Is there any compliance that needs to be adhered (under FEMA) for transfer of equity shares by Non Resident to Non Resident?
Thanks & Regards
Shiva
vivek
(CS)
(751 Points)
Replied 30 August 2010
Kumar
(Legal Consultant)
(358 Points)
Replied 30 August 2010
Dear Shivaram,
Kindly check if there is any previous approval from any FDI approving authority such FIPB or RBI then you have incorporate appropriate changes in the letter of approval from these authority.
Also,kindly confirm whether the incoming Non-Resident does not have any PRess Note 1 attraction or(Para 4.2.2 of Consolidated Circular 1 ).If it so then you have to take prior approval for such transfer.
Regards
Shivaram
(Service)
(81 Points)
Replied 03 September 2010
Thanks for all your guidance in this regard.
Regards
Shiva