Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifteenth Amendment) Regulations, 2013

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..... ted : October 04, 2013 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifteenth Amendment) Regulations, 2013 G.S.R. 818 (E) - In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) , the Reserve Bank of India hereby makes the following a .....

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..... ely:- (2) Where a Scheme of Arrangement for an Indian company has been approved by a Court in India, the Indian company may issue non-convertible redeemable preference shares or debentures out of its general reserves by way of distribution as bonus to the shareholders resident outside India, subject to the following conditions, namely: a) the original acquisition of shares / convertible deben .....

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..... or transferee company or a new company has a No objection certificate from Income Tax authority ; and d) the Indian company shall not engage in any activity/sector mentioned in Annex A to Schedule 1 to these Regulations. (Rudra Narayan Kar) Chief General Manager-in-Charge - Notification Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxT .....

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