Due date for filing FC-GPR

[Bharat Hegde]

Dear All,

 

Pls guide me on the following:

 

 

The company was incorporated in the month of May, 2009. It is a wholly owned subsidiary of a foreign company (Foreign holding company is the subscriber to the moa and one share is held by Indian resident.)

 

The inward remittance towards capital (MOA subscription money) came last week. For the subscriber to MOA, no formal allotment is required and the date of incorporation is the deemed date of allotment.

 

Now in this case what is the due date for filing the form FC-GPR)? Is it within 30 days from receipt of money?

 

Thanks and Regards,

Bharat Hegde

 

 

 

 

 

 

[Chakri Hegde]

Dear Bharat,

Form FC-GPR Part A has to be filed within 30 days from the date of issue of shares. It has to duly signed by MD/any director/CS of the company and to be submitted to the Authorized Dealer and who will forward the same to RBI.  

Form FC-GPR Part B is an Annual Filing which has to be filed with Regional office of RBI on or before 31st July of every year.

 

 

 

 

 

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With Best Wishes
Chakri G Hegde
Nissin Foods India Ltd.
Bangalore

www.topramen.in

[Bharat Hegde]

Dear Chakri,

 

Yes. That is true. But in case of subscription money, what is the due date?

 

Can we take the date of incorporation as the date of issue of shares?

 

 But in my case the subscription money was received after a year of incorporation.

 

 

With Regards,

Bharat

[Vivek Hegde]

Dear Bharat

Yes. If we take strict interpretation there is no need of formal allotment to the subscribers to MOA. But practically we have to pass a resolution for allotment of shares (preferably after the receipt of money which will form the basis of allotment). That date we will take it as date of allotment. Further, the banks (ADs) through whom the reporting has to be routed are now insisting the Board Resolution for allotment.

Hope it clarifies.

Warm Regards

CS Vivek Hegde,B.com, ACS, CWA
Company Secretary in Practice
No. 405, 4th Block, 7th Cross
Koramangala, Bangalore-560034
Mob: 09019756940/09900898223

[Chakri Hegde]

Dear Bharat,

I think in that case also, the same provision will continue to apply.

[Bharat Hegde]

 

Dear Chakri and Vivek,

 

Ok. I will see that it is filed within 30 days of inward remittance. Wherever provisions are not clear, better to be more cautious.

 

Thanks

 

Bharat

[Vivek Aggarwal]

Dear Bharat

As per the RBI Circular dated 1 July 2010, Part -A of Form FC-FPR has to be filed to the Authorised Dealer (Bank in which money received in Company Account) within 30 days from the date of Issue of Shares.

You in your case, you are late by more than 1 year. You need to find out some other way like show it as further allotment of shares.

Regards
CS Vivek Aggarwal

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From: Bharat Hegde <bharath...@gmail.com>
To: e-parivar <csmy...@googlegroups.com>
Sent: Mon, 15 November, 2010 2:18:24 PM
Subject: [CSMysore] Due date for filing FC-GPR

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[Vivek Aggarwal]

Dear Vivek

I totally agree with your views regarding legal provisions. But please suggest practical solution in this situation as money has been received 1 year after Incorporation of Co.

Regards
CS Vivek Aggarwal

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From: Vivek Hegde <vivekhe...@gmail.com>
To: csmy...@googlegroups.com
Sent: Mon, 15 November, 2010 3:17:08 PM
Subject: Re: [CSMysore] Due date for filing FC-GPR