Remittance of winding-up proceeds: authorised dealers may permit transfers subject to regulatory directions and documentary compliance. Regulation 7 requires that a foreign-resident person's branch or office seeking remittance of winding-up proceeds submit the Reserve Bank's permission for establishment; an auditors' certificate showing the remittable amount, assets and liabilities, asset disposal, confirmation that Indian liabilities and employee benefits are met or provided for, repatriation of foreign-source income, and regulatory compliance; a tax no-objection or clearance; confirmation of no pending legal impediment; and a Registrar of Companies compliance report where applicable, with the Authorised Dealer empowered to permit remittance subject to regulatory directions.
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.
Remittance of winding-up proceeds: authorised dealers may permit transfers subject to regulatory directions and documentary compliance.
Regulation 7 requires that a foreign-resident person's branch or office seeking remittance of winding-up proceeds submit the Reserve Bank's permission for establishment; an auditors' certificate showing the remittable amount, assets and liabilities, asset disposal, confirmation that Indian liabilities and employee benefits are met or provided for, repatriation of foreign-source income, and regulatory compliance; a tax no-objection or clearance; confirmation of no pending legal impediment; and a Registrar of Companies compliance report where applicable, with the Authorised Dealer empowered to permit remittance subject to regulatory directions.
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