Foreign cos, arms may be allowed non-resident chiefs

Ministry considering new provision in company law

Conditions apply

  • At least one director will have to be a resident
  • Disclosure norms like that of domestic entities
  • Silent on ‘place of business’ and winding up of businesses
The report mentions

A special chapter, which is being dedicated to foreign companies, suggests various regulations to be followed by such entities, including maintenance of accounts, filing of accounts with Registrar of Companies, cost audit, inspection, investigation, registration of charges, and creating debenture trusts. These provisions will be applicable to both foreign companies and those incorporated in India.

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Santosh Puthran

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