transfer of shares from non resident to non resident

[Deepak Arya]

Dear Professionals

Please provide me the procedure of transfer of shares from non resident to non resident of a Pvt. company incorporated in India.
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Thanx & Regards

Deepak Arya

[Jayashree Chandrasekaran]

Execute share transfer form -7B....present it at Board meeting....once
BM approves enter the names of the transferee as the share holder
No FEMA applicability
Jayashree

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C.JAYASHREE
PARTNER
S.GANESH&ASSOCIATES
CHENNAI
98840 17120

[Deepak Arya]

Dear Jayashree Chandrasekaran 

 PFA in this Note to  point no. 8 B.I clearly provides that the prior approval of RBI is required. Correct me if I am wrong. 

[Jayashree Chandrasekaran]

No Deepak...RBI approval is reqd only in this case
Transfer of shares from or by erstwhile OCBs would require prior
approval of the Reserve Bank of India.
Transfer from Non resident to Non resident does not involve RBI approval

Jayashree

On 3/6/13, Deepak Arya <deepak...@gmail.com> wrote:

> Dear Jayashree Chandrasekaran

[Deepak Arya]

Actually both the transferor and transferee are OCBs.

[Jayashree Chandrasekaran]

I think as of now OCBs are not a recognized form of organization as
far as RBI is concerned....hence pls check with them personally and
take further action
Personally I feel that since there is no foreign exchange inflow or
outflow,RBI should not be in the picture....however it is better to
meet the concerned people and talk directly

[Deepak Arya]

Thanks for your replies.