Loan from NRI to a private company

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..... Loan from NRI to a private company
Query (Issue) Started By: - gurmukh kotwani Dated:- 9-12-2008 Last Reply Date:- 12-12-2008 FEMA
Got 2 Replies
FEMA
An indian pvt Ltd. co. wants to accep .....

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..... t a loan of Rs. 1 crore from an NRI.can it be accepted and what are terms & conditions & formalities? Reply By ASHOK: The Reply: Since it is a company limited by shares, kindly first be guided by th .....

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..... e provisions of Sec 58A of the Companies Act, 1956, before you avail the loan from the NRI, if he is not a shareholder of the company... Hencee clarify his status vis a vis the co Reply By Bakul Gand .....

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..... hi: The Reply: The company has to comply with the Companies Acceptance of Derposit Rules, 1975 u/s 58A of the Companies Act 1956. It has to also comply with the Foreign Exchange Management Act, 1999. .....

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..... The deposits can ot be accepted from NRIs on Repatriation basis as it is discontinued from 2004. Again other RBI guidelines provide that the borrowing should not be for relending,, agriculture/planta .....

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..... ion activity or real esatate business.
Discussion Forum - Knowledge Sharing .....

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