https://www.taxtmi.com/circulars?id=5550 Prior Government approval is required where non-resident entities acquire ownership or control of Indian companies in sectors with foreign investment caps. "Owned" means beneficial equity over 50% and "controlled" means power to appoint a majority of directors; definitions apply conversely to non-resident entities. The rule covers establishment of companies with foreign participation and transfers of ownership or control in existing companies via share transfers, mergers, amalgamations or acquisitions in capped sectors, excluding sectors permitting 100% automatic foreign investment. en-us Fri, 13 Feb 2009 00:00:00 +0530 Wed, 21 Oct 2009 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=5550 Prior Government approval is required where non-resident entities acquire ownership or control of Indian companies in sectors with foreign investment caps. "Owned" means beneficial equity over 50% and "controlled" means power to appoint a majority of directors; definitions apply conversely to non-resident entities. The rule covers establishment of companies with foreign participation and transfers of ownership or control in existing companies via share transfers, mergers, amalgamations or acquisitions in capped sectors, excluding sectors permitting 100% automatic foreign investment. Circulars FEMA Fri, 13 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5550