Guest (Guest) 30 September 2009
Dear Friends,
A from India transfers his shares in Private Limited Company to ABC which is a Foreign Company. They have executed a transfer deed on 1.1.2009. They have filed form FC-TRS on 10.1.2009.
What shall be the Board's Approval date to this share transfer? Can Board approve this before filing of FC-TRS? Or the Board must verify whether this Form has been filed or not?
Regards,
Amit kishore singh (CS cum Legal executive) 04 October 2009
Dear Member,
Once FC TRS appoved by AD (banker) and give certificate that application was complete and receipt/payment is made as per FEMA, only after that Trasferor /trasnfere can lodge all papers namely Transfer deed and FC tRS certificate with the company. Only on receipt of such papers company can regsiter the share transfer in its record.
Yes Board must check FEMA complaince/FC tRS.
Regards
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