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The question of validity of the pledge agreement and associated paperwork could not be decided by the chairman of the company below the in-house procedure. Where shares in a private company had been transferred without the correct procedures as laid down in the articles of association having been complied with, the transfers had been still efficient to cross helpful ownership in the shares. The general permission underneath regulation 6 does not include investment proposals which envisage setting up a holding company or a special purpose automobile abroad, which might in turn set up a number of step down subsidiaries as operating items. Banks and monetary establishments turn you down? He executed an agreement in favor of the pledge financial institution authorizing it to exercise voting rights. In case of an automatic route- part I and II kind ODI has to be submitted to the chief general manager, reserve bank of India. In case of approval route- half I of kind ODI, along with the supporting paperwork, is required to be submitted after scrutiny and with specific suggestions by the designated AD category-I financial institution.
In case of (2) above, remember that where the export proceeds have remained unrealized beyond a interval of 6 months from the date of export, such proceeds is not going to be capitalized without the prior permission of the RBI. Transfers of shares had been effected in favor of a group of foreign buyers with out acquiring prior acknowledgement of the Rese