Restriction on transfer of foreign company shares requires prior Central Government approval before transfers to Indian persons, subject to public interest. A corporate prohibition bars bodies corporate (including those under common management) that hold a significant portion of the equity of a foreign company ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Restriction on transfer of foreign company shares requires prior Central Government approval before transfers to Indian persons, subject to public interest.
A corporate prohibition bars bodies corporate (including those under common management) that hold a significant portion of the equity of a foreign company with an established place of business in India from transferring shares to Indian citizens or Indian-incorporated bodies without prior Central Government approval, which may be refused only if the transfer is judged prejudicial to the public interest; the statute references the relevant procedural rules, form and prescribed fee for seeking approval.
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