Reporting under Redemption of preference shares to RBI, FEMA

[Govinda Raju]

Dear one,

We have Redeemed Preference shares which are non convertable recently on completion of maximum 20 years to a overseas investor who is appartenly our overseas equity investor as well. This is invested previous to 2007, wherein post 2007, law clearly demarcates this to be treated as debt before that there is no clarity what needs to be done with RBI on Redemption of this shares to investor. There is clarity on allotment where we need to report within 30 days to RBI through FC-GPR.

Can anyone please let me know.

Regards

Govindaraju