ARUL INBAA (PROFESSIONAL) 11 September 2009
DEAR ALL,
A FOREIGN COMPANY INCORPORATED AS 100% SUBSIDIARY IN INDIA. IT IS A LTD CO. IT HAS 7SHARE HOLDERS. ONE IS HOLDING CO AND THE OTHER 6 ARE NOMINEES OF HOLDING CO. THE HOLDING CO SENT MONEY FOR EQUITY PARTICIPATION FOR ALL. AND THE SAHRES HAS BEEN ALLOTTED TO SEVEN MEMBERS.
MY QUESTION IS
1.WHETHER THE COMPANY IS TO OBTAING RBI APPROVAL FOR EACH AND EVERY NOMINEE FOR THE INVESTMENT MADE BY THE COMPANY ON THEIR BEHALF.
CS Pooja (Company Secretary) 12 September 2009
In my opinion, it will not, for two reasons:
1. All the other share holders are the "nominees" of the holding company. The first holder remains the company.
2. RBI is basically concerned about the ultimate route of money flow. The holding company is paying the same, hence reporting will be from its side only.
Members, pl confirm.
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