REQUIREMENT OF FCTRS-MOST URGENT

[Ashish Purwar]

If a foreign company transfer shares to a Indian private co.Does it require to File FC-TRS? Plz help

Thanks in Advance.

[bhara...@gmail.com]

Yes

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From: Ashish Purwar <csashis...@gmail.com>

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Date: Wed, 8 Jan 2014 03:57:22 -0800 (PST)

To: <csmy...@googlegroups.com>

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Subject: [CSMysore] REQUIREMENT OF FCTRS-MOST URGENT

If a foreign company transfer shares to a Indian private co.Does it require to File FC-TRS? Plz help

Thanks in Advance.

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[Venkat Ragavan]

yes

On Wed, Jan 8, 2014 at 5:27 PM, Ashish Purwar <csashis...@gmail.com> wrote:

If a foreign company transfer shares to a Indian private co.Does it require to File FC-TRS? Plz help

Thanks in Advance.

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[CS CMA Meena]

yes its required

[Nitin Dwivedi]

yes

Nitin Dwivedi

Asstt. Manager & Company Secretary

Minda Group

Mo:9910474248

[Unnikrishnan P S]

Dear Ashish,

   The same is required. The following documents are  required for obtaining the acknowledgment from AD of the Indian party to whom the shares are getting transferred.

1. Consent Letter duly signed by the Foreign and Indian Company

2. CA Certificate indicating the FMV of the shares

3. Buyer declaration that its eligible to acquire shares under FDI Guidelines

4. Shareholding pattern - Post and Pre Acquisition

In your case, since the foreign company is transferring the shares, additionally you would require the below mentioned documents also.

1. Approval copy from RBI, if the shares are allotted initially to the foreign shareholders. A letter confirming the registration of the shares by RBI has to be submitted confirming if the shares are held on repatriation or non-repatriation basis. This document is very import when the seller is a foreign party. If the shares were held by the foreign party through a transfer, then the acknowledgment obtained for filing the FC TRS is required. No transfer can happen if the said documents are not available. The AD will not initiate the fund transfer without the said document.

2. No Objection Certificate from CA. Form 15CB/CA. Please check with your tax advisors on the same.

All these documents are required to be submitted to your AD Bank of the (Indian Party) to get the FC TRS registered and transfer of shares initiated. 

Hope the same clarifies your query.

Thanks and Regards,

Unnikrishnan

On Wed, Jan 8, 2014 at 5:27 PM, Ashish Purwar <csashis...@gmail.com> wrote:

If a foreign company transfer shares to a Indian private co.Does it require to File FC-TRS? Plz help

Thanks in Advance.

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[Ashish Purwar]

Thank You all for your valuable time and solving my query.

Regards,

ASHISH PURWAR

Company Secretary & Legal Executive

United Villages Networks (P) Limited

CONTACT NO.- 09711204818