Foreign source classification excludes companies complying with foreign investment limits despite majority nominal share capital at contribution time. A company is not treated as a foreign source where the nominal value of its share capital is within foreign-investment limits prescribed under the Foreign ... Summary
Foreign source classification excludes companies complying with foreign investment limits despite majority nominal share capital at contribution time.
A company is not treated as a foreign source where the nominal value of its share capital is within foreign-investment limits prescribed under the Foreign Exchange Management Act, 1999, or related rules or regulations. This exclusion applies notwithstanding that more than one-half of the nominal value of the company's share capital may be held at the time of making a contribution. The proviso is deemed effective from 5 August 1976.
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