ROC compliance if the Managing Director has changed his citizenship

[Mehra Bisht & Associates]

Hi,

In a small company, the Managing Director who is holding 90% stake in the company has surrendered his Indian citizenship and has taken foreign citizenship.

In this case, what is the compliance that the company needs to do with ROC? 

Thanking you in advance.

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सादर प्रणाम,

Mehra Bisht & Associates Chartered Accountants, Thane # 9769399093

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[Bhagyashree Navale]

Anyone working with sme listed companies??

Bhagyashree Navale.

8422024889

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[CS Shivam Bhatt]

Hi,

For change in the citizenship of Managing Director Form DIR 6 required to be filed.

With kind regards,
CS Shivam Bhatt
(Experienced C.S. & L.L.B.)
(Mo. +91-63549 42734)


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[Gopal Rathnam]

3 issues are to be addressed:-

1). besides DIR 6 for changing the status, please analyse if DIR-12 IS REQUIRED.&  ENSURE that one resident director is available to comply with section 149.

2).  The MD's shares (90% stake) now count as foreign investment since they belong to a non-resident, treated as a transfer from resident to non-resident. No physical transfer occurs, but FEMA requires reporting this status change via Form FC-TRS

3) if MD continue his employment as non-Indian-citizen AND IS NOT HOLDING INDIAN PASSPORT, you may have to obtain clearance (Police Clearance Certificates ) from Commissioner of Police of concerned jurisdiction.

Gopalrathnam-9886618696