TaxTMI 
TaxTMI 
Master Circular on Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad.
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....his Master Circular is issued with a sunset clause of one year. This circular will stand withdrawn on July 01, 2012 and be replaced by an updated Master Circular on the subject. Yours faithfully (Dr. Sujatha Elizabeth Prasad) Chief General Manager ============= Document 1 â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE जरà¥à¤µ बैंक - Vo BANK OF PART- SECTION A - GENERAL A.1 INTRODUCTION- A.2 STATUTORY BASIS A.3 PROHIBITIONS INDEX -3 A.4 GENERAL PERMISSION SECTION B - DIRECT INVESTMENT OUTSIDE INDIA B.1 AUTOMATIC ROUTE B.2 INVESTMENT IN UNINCORPORATED ENTITIES OVERSEAS UNDER THE AUTOMATIC ROUTE B.3 METHOD OF FUNDING 10 11 B.4 CAPITALISATION OF EXPORTS AND OTHER DUES 12 B. 5. INVESTMENTS IN FINANCIAL SERVICES SECTOR- 12 B.6 INVESTMENT IN EQUITY OF COMPANIES REGISTERED OVERSEAS / RATED DEBT INSTRUMENTS B.7 APPROVAL OF THE RESERVE BANK B.8 INVESTMENTS IN ENERGY AND NATURAL RESOURCES SECTOR 13 15 15 B.9 OVERSEAS INVESTMENTS BY PROPRIETORSHIP CONCERNS 16 B.10 OVERSEAS INVESTMENT BY REGISTERED TRUST / SOCIETY 17 B.11 POST INVEST....
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.... as important avenues for promoting global business by Indian entrepreneurs. Joint Ventures are perceived as a medium of economic and business co-operation between India and other countries. Transfer of technology and skill, sharing of results of R&D, access to wider global market, promotion of brand image, generation of employment and utilisation of raw materials available in India and in the host country are other significant benefits arising out of such overseas investments. They are also important drivers of foreign trade through increased exports of plant and machinery and goods and services from India and also a source of foreign exchange earnings by way of dividend earnings, royalty, technical know-how fee and other entitlements on such investments. (2) In keeping with the spirit of liberalisation, which has become the hallmark of economic policy in general, and Foreign Exchange regulations in particular, the Reserve Bank has been progressively relaxing the rules and simplifying the procedures both for current account as well as capital account transactions. A.2 Statutory basis (1) Section 6 of the Foreign Exchange Management A....
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....on No. FEMA 135/2005-RB dated 17th May 2005, Notification No. FEMA 139/2005-RB dated 11th August 2005, Notification No. FEMA 150/2006-RB dated 21st August 2006, Notification No. FEMA 164/2007-RB dated 9th October 2007, Notification No. FEMA173/2007-RB dated 19th December 2007, Notification No. FEMA 180/2008-RB Website: www.fema.rbi.org.in 4 Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE BANK OF NDIA-SE resources outside India. General permission is also available to sell the shares so purchased or acquired. Section B - Direct Investment Outside India B.1 Automatic Route (1) In terms of Regulation 6 of the Notification, an Indian party has been permitted to make investment in overseas Joint Ventures (JV) / Wholly Owned Subsidiaries (WOS), not exceeding 400 per cent of the net worth² as on the date of last audited balance sheet of the Indian party, i.e. a company incorporated in India or a body created under an Act of Parliament or a partnership firm registered under the Indian Partnership Act, 1932, making investment in a JV/WOS abroad and includes any other entity in India excluding indiv....
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.... Indian Party, the Indian Party shall seek the prior approval of the Reserve Bank before remitting funds from India, on account of such invocation. As in the case of corporate guarantees, all guarantees (including performance guarantees) are required to be reported to the Reserve Bank, in Form ODI-Part II. Guarantees issued by banks in India in favour of WOSS / JVs outside India, would be outside this ceiling and would be subject to prudential norms, issued by the Reserve Bank (DBOD) from time to time. Note: Specific approval of the Reserve Bank will be required for creating charge on immovable property and pledge of shares of the Indian parent/group companies in favour of a non-resident entity. Website: www.fema.rbi.org.in 6 Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE BANK OF b) c) d) e) f) The Indian party should not be on the Reserve Bank's Exporters' caution list / list of defaulters to the banking system circulated by the Reserve Bank / Credit Information Bureau (India) Ltd. (CIBIL) / or any other credit information company as approved by the Reserve Bank or unde....
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.... base, after the new ADR and/or GDR issue, does not exceed the sectoral cap prescribed under the relevant regulations for such investment under FDI; (iv) Valuation of the shares of the foreign company shall be (a) as per the recommendations of the Investment Banker if the shares are not listed on any recognized stock exchange; or (b) based on the current market capitalisation of the foreign company arrived at on the basis of monthly average price on any stock exchange abroad for the three months preceding the month in which the acquisition is committed and over and above, the premium, if any, as recommended by the Investment Banker in its due diligence report in other cases. (4) The Indian Party is required to report such acquisition in form ODI to the AD Bank for submission to the Reserve Bank within a period of 30 days from the date of the transaction. 8 Website: www.fema.rbi.org.in Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE रिजरà¥à¤µ - VION BANK OF Note: Investments in Nepal are permitted only in Indian Rupees. Investments in Bhutan are permitted in....
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....d by the Reserve Bank. Indian parties whose names appear in the Defaulters' list require prior approval of the Reserve Bank for the investment. (ii) Setting up of an SPV under the Automatic Route is permitted for the purpose of making a investment in JV/WOS overseas. B.2 Route Investment in unincorporated entities overseas under the Automatic (1) Investments in unincorporated entities overseas in the oil sector (i.e. for exploration and drilling for oil and natural gas, etc.) by Navaratna PSUs, ONGC Videsh Ltd.(OVL) and Oil India Ltd.(OIL) may be permitted by AD Category - I banks, without any limit, provided such investments are approved by the competent authority. (2) Other Indian companies are also permitted under the Automatic Route to invest in unincorporated entities overseas in the oil sector up to 400 per cent of their net worth provided the proposal has been approved by the competent authority and is duly supported by certified copy of the Board resolution approving such investment. Investment in excess of 400 per cent of the net worth of an Indian company shall require prior approval of the Reserve Bank. (3) Indian com....
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.... following manner : (i) out of funds held in RFC account; Website: www.fema.rbi.org.in 11 Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE BANK OF (ii) as bonus shares on existing holding of foreign currency shares; and (iii) when not permanently resident in India, out of their foreign currency resources outside India (para A.4 above) B.4 Capitalisation of exports and other dues (1) Indian party is permitted to capitalise the payments due from the foreign entity towards exports, fees, royalties or any other dues from the foreign entity for supply of technical know-how, consultancy, managerial and other services within the ceilings applicable. Capitalisation of export proceeds remaining unrealised beyond the prescribed period of realization will require prior approval of the Reserve Bank. (2) Indian software exporters are permitted to receive 25 per cent of the value of their exports to an overseas software start-up company in the form of shares without entering into Joint Venture Agreements, with prior approval of the Reserve Bank. B. 5. Investments in Financial Services Sect....
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....erseas companies listed on recognised stock exchanges overseas ; initial and follow on public offerings for listing at recognized stock Website: www.fema.rbi.org.in 13 Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE रिजरà¥à¤µ BANK OF INDIA-SEE exchanges overseas; iv) foreign debt securities in the countries with fully convertible currencies, short-term as well as long-term debt instruments with rating not below investment grade by accredited/registered credit agencies; v) vi) vii) viii) ix) x) money market instruments rated not below investment grade; repos in the form of investment, where the counterparty is rated not below investment grade. The repos should not, however, involve any borrowing of funds by mutual funds; government securities where the countries are rated not below investment grade; derivatives traded on recognized stock exchanges overseas only for hedging and portfolio balancing with underlying as securities; short-term deposits with banks overseas where the issuer is rated not below investment grade; and units/securiti....
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.... to the Reserve Bank as per the laid down procedure. Website: www.fema.rbi.org.in 15 Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE रिजरà¥à¤µ BANK OF NDIA-REP B.9 Overseas Investments by Proprietorship Concerns (1) With a view to enabling recognized star exporters with a proven track record and a consistently high export performance to reap the benefits of globalization and liberalization, proprietorship concerns and unregistered partnership firms are allowed to set up JVS / WOS outside India with the prior approval of the Reserve Bank subject to satisfying certain eligibility criteria. An application in form ODI may be made to the Chief General Manager, Reserve Bank of India, Foreign Exchange Department, Overseas Investment Division, Central Office, Amar Building, 5th Floor, Fort, Mumbai 400 001, through the AD Category - I bank. AD Category - I banks may forward the applications to the Reserve Bank along with their comments and recommendations, for consideration. (2) Investments by established proprietorship or unregistered partnership exporter firms wil....
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....verse notice of any Regulatory / Enforcement agency like the Directorate of Enforcement, Central Bureau of Investigation (CBI), etc. Society The Society should be registered under the Societies Registration Act, 1860. (b) i) ii) The Memorandum of Association and rules and regulations permit the Society to make the proposed investment which should also be Website: www.fema.rbi.org.in 17 Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE जरà¥à¤µ बैंक - VIO BANK OF iii) iv) v) approved by the governing body / council or a managing / executive committee. The AD Category - I bank is satisfied that the Society is KYC (Know Your Customer) compliant and is engaged in a bonafide activity; The Society has been in existence at least for a period of three years; The Society has not come under the adverse notice of any Regulatory / Enforcement agency like the Directorate of Enforcement, CBI etc. In addition to the registration, the AD Category - I bank should ensure that the special license / permission has been obtained by the applicant in....
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....AD Category -l bank under the Automatic as well as the Approval Routes: a) A certified copy of the balance sheet showing the loss in the overseas WOS/JV set up by the Indian Party; and b) Projections for the next five years indicating benefit accruing to the Indian company consequent to such write off / restructuring. B.13 Acquisition of a foreign company through bidding or tender procedure An Indian party may remit earnest money deposit or issue a bid bond guarantee for acquisition of a foreign company through bidding and tender procedure and also make subsequent remittances through an AD Category I bank, in accordance with the provisions of Regulation 14 of the Notification. B.14 Obligations of Indian Entity 19 Website: www.fema.rbi.org.in Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE रिजरà¥à¤µ BANK OF ADIA SE (1) An Indian party which has made direct investment abroad is under obligation to (a) receive share certificate or any other document as an evidence of investment, (b) repatriate to India the dues receivable from foreign entity, and (c) submit th....
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....ntity is required to submit details of such disinvestment through its designated AD category-l bank within 30 days from the date of disinvestment. B. 16 Transfer by way of sale of shares of a JV/WOS involving Write off of the investment (1) Indian Parties may disinvest, without prior approval of the Reserve Bank, in any of the under noted cases where the amount repatriated after disinvestment is less than the original amount invested: i) in case where the JV / WOS is listed in the overseas stock exchange; ii) in cases where the Indian Party is listed on a stock exchange in India and has a net worth of not less than Rs. 100 crore; iii) iv) where the Indian Party is an unlisted company and the investment in the overseas venture does not exceed USD 10 million. and where the Indian Party is a listed company with net worth of less than Rs.100 crore but investment in an overseas JV/WOS does not exceed USD 10 million. (2) Such disinvestments shall be subject to the conditions listed at B.15 items (ii) to (vi) and B 15.2. 21 Website: www.fema.rbi.org.in Email : [email protected] â— à¤à¤¾à¤°à¤¤à....
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....ovided it does not involve any remittance from India; to acquire shares by way of inheritance from a person whether resident in or outside India; to purchase equity shares offered by a foreign company under its ESOP Schemes, if he is an employee, or, a director of an Indian office or branch of a foreign company, or, of a subsidiary in India of a foreign company, or, an Indian company in which foreign equity holding, either direct or through a holding company/Special Purpose Vehicle (SPV), is not less than 51 per cent. AD Category - I banks are permitted to allow remittances for purchase of shares by eligible persons under this provision irrespective of the method of operationalisation of the scheme i.e where the shares under the scheme are offered directly by the issuing company or indirectly through a trust / a Special Purpose Vehicle (SPV) / step down subsidiary, provided (i) the company issuing the shares effectively, directly or indirectly, holds in the Indian company, whose employees / directors are being offered shares, not less than 51 per cent of its equity, (ii) the shares under the ESOP Scheme are offered by the iss....
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....being in force; purchase of shares of a JV / WOS abroad of the Indian promoter company by the employees/directors of Indian promoter company which is engaged in the field of software where the consideration for purchase does not exceed USD 10,000 or its equivalent per employee in a block of five calendar years; the shares so acquired do not exceed 5 per cent of the paid-up capital of the JV / WOS outside India; and after allotment of such shares, the percentage of shares held by the Indian promoter company, together with shares allotted to its employees is not less than the percentage of shares held by the Indian promoter company prior to such allotment; and purchase of foreign securities under ADR / GDR linked stock option schemes by resident employees of Indian companies in the knowledge based sectors, including working directors provided purchase consideration does not exceed USD 50,000 or its equivalent in a block of five calendar years. Website: www.fema.rbi.org.in 25 Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ SERVE जरà¥à¤µ बैंक - VIOL रि....
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....r. 3 General procedural instructions (1) With effect from June 01, 2007, reporting system for overseas investment has been revised. All the earlier forms have been subsumed into one form viz. ODI, comprising of four parts: Part I includes the following: Section A - Details of the Indian Party Section B - Details of Investment in New Project Section C - Details of Investment in Existing Project Section D – Funding for JV / WOS - Section E - Declaration by the Indian Party (to be retained by AD Category - I bank) Section F - Certificate by the Statutory Auditors of the Indian Party (to be retained by AD Category - I bank) Part II Reporting of Remittances Part III - Annual Performance Report (APR) Part IV - Report on Closure/Disinvestment/Voluntary Liquidation/Winding up of JV/WOS (2) The revised form is only a rationalisation and simplification of the reporting procedure and there is no change or dilution in the existing eligibility criteria / documentation / limits. (3) With effect from March 2, 2010 on-line reporting of the ODI forms has been operationalised in a phased manner. The system enables on-line....
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....ting system, AD Category - I banks would be able generate the UIN on-line under the automatic route. However, subsequent remittances under the automatic route and remittances under the approval route should be made and reported on-line in Part II, only after receipt of the letter, confirming the UIN from the Reserve Bank. - (4) In cases where the investment is being made jointly by more than one Indian party, form ODI is required to be signed jointly by all the investing entities and submitted to the designated branch of the AD Category I bank. AD Category - I banks should file on-line a consolidated form ODI indicating details of each party. The same procedure should be followed where the investment is made out of the proceeds of ADR / GDR issues of an Indian party in terms of Regulation 6(5) of the Notification. The Reserve Bank would allot only one Unique Identification Number to the overseas project. (5) AD Category - I banks should allow remittance towards loan to the JV / WOS and/or issue guarantee to / on behalf of the JV / WOS abroad only after ensuring that the Indian party has an equity stake in the JV / WOS. 4. ....
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....sferred in the name of the Indian investing company. AD Category - I bank may also obtain an undertaking from the applicants to the effect that future sale / transfer of shares so acquired by Non-Residents in the Indian company shall be in accordance with the provisions of Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time. 7. Investments under Regulation 9 of Notification No. FEMA 120/2004-RB dated July 7, 2004 In terms of Regulation 9, investment in JV / WOS in certain cases requires the prior approval of the Reserve Bank. AD Category – I banks may allow remittances under these specific approvals granted by the Reserve Bank and report the same Website: www.fema.rbi.org.in 30 Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE रिजरà¥à¤µ BANK OF to the Chief General Manager, Foreign Exchange Department, Central Office, Overseas Investment Division, Amar Building, 5th floor, Mumbai 400 001 in form ODI. 8. Purchase of foreign securities under ADR / GDR linked Stock Option Scheme AD Category - I banks may make remittances up to US....
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....mity with the provisions of Regulations in Part I, or different from those for which approval under sub-regulation (3) was obtained, the Indian entity should obtain approval from the Reserve Bank by submitting form ODI. 10. Transfer by way of sale of shares of a JV/WOS outside India The Indian party should report details of the disinvestment through the AD Category - I bank within 30 days of disinvestment in Part IV of the Form ODI as indicated in para 3 (3) (c) above. Sale proceeds of shares / securities shall be repatriated to India immediately on receipt thereof and in any case not later than 90 days from the date of sale of the shares / securities. 11. Verification of evidence of investment The share certificates or any other document as evidence of investment, where share certificates are not issued shall, henceforth, be submitted to and retained by the designated AD Category –I bank, who would be required to monitor the receipt of such documents and satisfy themselves about the bonafides of the documents so received. A certificate to this effect should be submitted by the designated AD Category - bank to the Reserve Ba....
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.... (Please furnish the details in Section C) Acquisition of stake in an already existing JV/WOS overseas promoted by an Indian party. 34 Website: www.fema.rbi.org.in Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE रिजरà¥à¤µ INDIA-SEE BANK OF Section B: Details of Investment in New Project For Reserve Bank use only Unique Identification Number (I) Purpose of investment (Please tick appropriate category) (b) Contribution in WOS (a) Participation in JV (c) Full acquisition of a foreign concern (d) Partial acquisition of a foreign concern (e) Investment in unincorporated entity (f) Others (II) Particulars of JV/WOS (a) Name of JV/WOS (b) Address of JV/WOS (c) Name of the country (d) e-mail (e) Accounting year followed by JV/WOS (III) Activity code of JV/WOS (IV) Whether JV/WOS is SPV (Y/N)? # If Y, Please furnish the details in Section D Proposed Capital Structure [a] Indian Party (ies) % stake [b] Foreign partner(s) % stake (1) (1) 23 (2) (2) (3) (3) 35 Website: www.fema.rbi.org.in Email : [email protected]....
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....g.in â— à¤à¤¾à¤°à¤¤à¥€à¤¯ SERVE जरà¥à¤µ बैंक - VIO BANK OF Section E: Declaration by the Indian Party I (a) Whether the applicant party (ies), its promoters, directors, etc., are under investigations by any investigative/enforcement agency or regulatory body. If yes, the brief details thereof, including present stage of investigation/ adjudication / manner of disposal of the case. (b) Whether the promoter Indian party(ies) is(are) presently on Exporters' Caution List of Reserve Bank for non-realization of export proceeds or on the list of defaulters to the Banking System circulated by Reserve Bank. If so, status of the Indian party (ies): (c) Any other information relevant to this proposal, including any special benefits/ incentives available in the host country for setting up / acquiring the proposed concern. I/We hereby certify that the information furnished above are true and correct. Place: Date : Name:- Designation- List of enclosures: 1. 4. 2. 5. 3. 6. (Signature of authorised official) Stamp/Seal 38 Website: www.fema.rbi.or....
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....ard No. In case investment is in the existing JV/WOS, please indicate Unique Identification No. already allotted: No. (I) Name of Indian Company: (II) Is there any change in Company name since last reporting? (Y/N) If yes, specify Old Company Name DETAILS OF CURRENT REMITTANCES EFFECTED (Amount in 000's of FCY) Code of Reporting AD foreign currency**: (a) From EEFC A/c. Equity Loan Guarantee (Invoked) Date of Remittance (b) By Market Purchases Equity Loan Guarantee (Invoked) Date of Remittance (c) From the ADR/GDR funds Equity Loan Guarantee (Invoked) Date of Remittance (d) By Swap of Shares Equity Loan Guarantee (Invoked) Date of Swap XXXX 40 Website: www.fema.rbi.org.in Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE रिजरà¥à¤µ BANK OF NDIA- (e) From ECB/ FCCB balances parked in India/outside India Equity Loan (g) Capitalization of Exports/Other dues@ Date of capitalization: (h) Guarantee issued: Date (Fresh Existing Guarantee Period Extended) Guarantee (Invoked) Amou....
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...., etc.) 42 Website: www.fema.rbi.org.in Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE रिजरà¥à¤µ BANK OF VI. Investment in step down subsidiaries since last reporting Country Name of JV/WOS Amount of Investment Place: Date : Name:- Designation--- (Signature of authorised official) Stamp/Seal (Signature of the Statutory Auditor of the Company) Name of the firm, Stamp and Registration number Signature of the Authorised Official of the bank: Name: Designation: 43 Website: www.fema.rbi.org.in Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ ESERVE रिजरà¥à¤µ BANK OF NDIA SE PART IV Report on Closure / Disinvestment / Voluntary Liquidation /Winding Up of JV/WOS (To be submitted by the designated AD Category -| bank (All Amounts in FCY, in thousands) Name and Address of the AD Category - I bank: AD Code: Unique Identification Number allotted by the Reserve Bank Whether APRS submitted regularly? (Y/N) Date of submission and period to which last APR relates: Details of....
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.... Part III is the Annual Performance Report, which contains brief particulars of the performance of the overseas entity and Part IV is to be used at the time of disinvestment/liquidation/winding up. Section D of Part I is critical, since information regarding ownership structure and financing pattern have been included here. In addition to details of remittance from India, Part I must report full details of funding through SPVs / subsidiaries overseas, share of foreign partners, etc. (1) Part I (barring Section C) of the form is required to be filled up by the Indian party seeking to invest in JV / WOS overseas either under Automatic Route or Approval Route and submitted to the designated AD Category – I bank. Part I (Sections C and D) is required to be submitted, whenever the initial capital or financing structure of the JV / WOS reported to the Reserve Bank at the time of the initial remittance / approval undergoes changes by way of expansion, merger, infusion of additional capital, etc. (2) Under Automatic Route, in case of new proposals, immediately after effecting remittance, the designated AD Category - I bank should forward Pa....
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....it and Loss Account of the Indian party along with the Directors' Report. (c) Additional documents as under, if the application is made for partial / full takeover of an existing foreign concern:- (i) A copy of the certificate of incorporation of the foreign concern; (ii) Latest Annual Accounts, i.e. the Balance Sheet and Profit and Loss Account of the foreign concern along with Directors' Report; and (iii) A copy of the share valuation certificate from: â–¶a Category | Merchant Banker registered with SEBI, or, an Investment Banker / Merchant Banker registered with the appropriate regulatory authority in the host country, where the investment is more than USD 5 million (US Dollars Five million), and in all other cases, by a Chartered Accountant or a Certified Public Accountant. (d) A certified copy of the Resolution of the Board of Directors of the Indian party/ies approving the proposed investment. 47 Website: www.fema.rbi.org.in Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ SERVE & Bas VIGN रिजरà¥à¤µ BANK OF (e) Where investment is in the financial services s....
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....org.in Email : [email protected] â— à¤à¤¾à¤°à¤¤à¥€à¤¯ SERVE रिजरà¥à¤µ BANK OF Annex -C Statement of shares repurchased by the issuing company from Indian employees / directors under ESOP Schemes for the year ended March (to be submitted on the letterhead of the company through their AD bank) We, (Indian company) hereby declare that: a) (foreign company) has repurchased ..... shares issued to our employees under ESOP Scheme during the year, (i) Number of shares allotted (ii) Number of employees/directors who sold shares (iii) Amount of remittance (inward) in the Indian company, is not less than 51% and b) effective holding of the foreign company M/s as on March 31, c) the information furnished above is true and correct to the best of our knowledge and belief. Signature of the Authorised Official Name Designation Date To, The Chief General Manager Reserve Bank of India Foreign Exchange Department, Overseas Investment Division, Central Office, Amar Bldg., 5th Floor, Sir. P.M. Road, Fort, Mumbai 400 001. : 50 Website....