Change of Beneficial Owner

    Posted By : CS Gaurav / Published on : 19-May-2018 01:28 AM / View : 1029 / Comment : 0
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    Dear Members, A WOS has 99.99 percent holding with ABC Inc and one share with an Indian director as a nominee of ABC Inc. Now ABC Inc wants to transfer 01 minority share to another entity who will hold that share in its independent capacity and not as a nominee. My question is: 1. Do we need to file both Form MGT-4 ( required from the registered owner in whose name shares are not beneficially held) and MGT-5 ( required from beneficial owner) in case the new structure doesn't have any nominee arrangement as such.IN MY OPINION ONLY MGT-5 will suffice and the Indian Company can file MGT-6 basis that. 2. does transfer of share from Indian nominee registered owner to new foreign shareholder requires FC-TRS compliance - IN MY OPINION - NOT REQUIRED.
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