Foreign source classification narrowed: companies within FEMA foreign investment limits are not foreign sources despite share capital majority. Where the nominal value of a company's share capital is within the limits specified for foreign investment under the Foreign Exchange Management Act or its rules or regulations, the company shall not be a foreign source notwithstanding the nominal value of share capital of the company being more than one-half of such value at the time of making the contribution.
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.
Provisions expressly mentioned in the judgment/order text.
Foreign source classification narrowed: companies within FEMA foreign investment limits are not foreign sources despite share capital majority.
Where the nominal value of a company's share capital is within the limits specified for foreign investment under the Foreign Exchange Management Act or its rules or regulations, the company shall not be a foreign source notwithstanding the nominal value of share capital of the company being more than one-half of such value at the time of making the contribution.
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