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Power of AO to Grant Stay — Whether Discretionary or Controlled By the Instructions and Circulars
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Tax Implications in the Hands of Successor / Resulting Company
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Capital Gains Tax Implications in Singapore on Capital Reduction or Liquidation
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Legal Considerations for Start-Ups – Are you overlooking some?
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May 2016

A. P. (DIR Series) Circular No. 59 dated April 13, 2016

By Gaurang Gandhi Chartered Accountant

Reading Time 1 mins

Acceptance of deposits by Indian companies from a person resident outside India for nomination as Director

This
circular clarifies that making a deposit, u/s. 160 of the Companies
Act, 2013, by a person who intends to nominate either himself or any
other person as a director in an Indian company is a Current Account
Transaction and does not require any approval from RBI.

Similarly,
refund of such deposit upon selection of the person as director or his /
her getting more than 25% votes is also a Current Account Transaction
and does not require any approval from RBI.

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May 2016

A. P. (DIR Series) Circular No. 59 dated April 13, 2016

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May 2016

A. P. (DIR Series) Circular No. 59 dated April 13, 2016

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Notification No. FEMA 13 (R)/2016-RB dated April 01, 2016

A. P. (DIR Series) Circular No. 60 dated April 13, 2016