- 7/2/2025
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CreativityTranscript
00:00Chapter 11, Companies Act, Divise with respect to Companies Incorporated outside India.
00:20So in a short form, foreign companies, so we are going to discuss about foreign companies.
00:26There is no reason for foreign companies.
00:30They don't know how to run the business.
00:33Foreign companies don't follow, which means that they incorporate foreign companies.
00:38That is what we have defined, right?
00:40Incorporate foreign companies.
00:42But some sort of business has been run probably through agents or not.
00:48They run the business.
00:49So they don't want to run anything.
00:51So they also have to follow the Indian laws.
00:55Please try to understand.
00:56If you have a foreign company, if you have a foreign corporation, then you will follow the law.
01:02Foreign laws will follow.
01:04Okay.
01:05But if we discuss any angle, if you don't run a business in India, then you will follow the Indian laws.
01:13But then usually in the confusion, there is a private limited company.
01:20There are two subscribers A and B.
01:23If they are Indian citizens, they are a top resident.
01:26They will be at least while they are in Indian law.
01:29You can make a top resident.
01:31In india, they are a top resident.
01:34If you have a citizenship in India, it is not a residential state.
01:39If you have a foreign company, it is not a foreign company.
01:43Please try to understand.
01:44If you have a foreign company, it is very simple.
01:48How do you think about incorporation?
01:51Incorporation is a foreign country out of India.
01:55But if you do business in India, then you follow India.
01:58That's why we have foreign companies.
02:00A and B are foreign citizens.
02:05B is a NRI, A is a Indian, A is a NRI.
02:10It is very confusing.
02:12Incorporation is a foreign company.
02:14Incorporation is a company's act in 2013.
02:17If it is not a company's act in 2013 or earlier,
02:21then it is not a foreign company.
02:24Incorporation is a foreign company.
02:29So, this is a very beautiful chapter.
02:33We will cover all the basic things.
02:35We will not cover all the contents.
02:38So, Company Incorporated Outside India.
02:42Application of Act.
02:45Companies Act is applicable to foreign companies scope.
02:48The scope of the Act is section 1.
02:50But in this chapter is completely dealing with Korean companies.
02:56So, what we discussed in this Act is foreign companies.
02:59We have discussed in 379.
03:01Okay?
03:03So, if you run a business in India, then you format a company.
03:06So, you know the nature of the company is an artificial person.
03:09So, you run an artificial person.
03:11So, if you run an company, then you will see an artificial person.
03:14If you come to a company,
03:15then you will see that.
03:16Ok, it is delivered and then you will register.
03:18You will register for Indian company.
03:20Okay?
03:21Indian company, foreign company earning in India.
03:24So, other than deal with Section 380 deal with Section 380.
03:27You can maintain all accounts.
03:29I don't know how much it is.
03:31It's easy to pay.
03:33But, what is the problem?
03:34There is no financial year.
03:36What we have told you about?
03:371st April to 31st March.
03:40This is how we define the financial year.
03:42Probably very well low.
03:44Company incorporate on the date of the company.
03:47In January, February, March.
03:49We will incorporate it in 3 months.
03:51So, we will try to make it in 1 year.
03:54So, we will discuss this in detail.
03:56So, we don't have any financial, general, Indian loss.
03:59We don't have any foreign loss services.
04:01We don't have a calendar year.
04:02So, if we treat the calendar year, we don't have any financial year.
04:05We don't have any country loss.
04:08So, it's specific.
04:09So, we don't have any accounts.
04:11If we look at the date of December 31st,
04:13how many months have been in December 31st?
04:159 months have been in December 31st.
04:17Okay.
04:21So, if we do a given way to June 31st
04:35spécial sale sale sale sale sale sale sale sale sale sale sale sale sale sale sale sale sale�
04:41Since they work in a difficult time, they are working on it.
04:45They've already finished the financial year and we want to get our data from the day.
04:51They have already announced 18 months in January, the first three months.
04:55And they complete the first 3 months with January, February.
04:58It's the end of the financial year.
05:00They hit the last year of January, an audit for the laws and aligning manual files.
05:04However, they actually do everything in the first quarter.
05:07There is no problem with all accounts.
05:12Especially if we have a foreign company in India,
05:18we have a control of our branch.
05:21But if we run a branch,
05:24we can register as per 380.
05:27There is no audit.
05:30There is no accounts,
05:32but in India,
05:33we can do dual work.
05:35There is no problem with accounting.
05:37If you have a problem with this,
05:39you will face it.
05:40If you have a problem with this,
05:42you will face it.
05:44If you have a problem with this,
05:46you will have a different knowledge,
05:48a different viewpoint.
05:50So, 379, 380 and 381.
05:53Apart from that, 387 and 389,
05:56this is dealing directly with prospectors.
05:58So, we deal with that.
06:00Now, prospectors,
06:02you remember not the whole provisions,
06:04at least if prospectors issued,
06:06this is an invitation to the offer.
06:08And if securities generalize,
06:10that may be related to the shares,
06:13equity shares, preference shares,
06:14debentures.
06:16And remember,
06:17this depositors,
06:18GDRs,
06:19Indian depositors,
06:21American depositors,
06:22we will discuss it.
06:23Indian company,
06:24Indian company,
06:25Indian bank,
06:27will be calling this as,
06:29Indian company,
06:31Indian company,
06:32Indian bank,
06:33will be calling this as,
06:34try to recall,
06:35custodian bank,
06:36what custodian banks are?
06:37India,
06:38foreigner,
06:39foreigner,
06:40we will be calling this as,
06:41we will be calling this as,
06:42try to recall,
06:43custodian bank,
06:44what custodian banks are?
06:45India,
06:46foreigner,
06:47are paying the shares in the company,
06:48and the payment will be done,
06:51but shares will not be given directly,
06:53instead of shares will be deposited to this,
06:55Indian bank,
06:57an Indian bank,
06:58Without agang D
07:06Indian Bank is Indian Bank. Indian Bank is Indian Bank.
07:12So, we follow the Packing and Regulations Act and RBI norms.
07:16In the Bank, if you have a custodian bank,
07:18F-Kitter, Foreign Bank, Shares,
07:21Indian Bank will have an agreement with the foreign bank.
07:26Foreign bank is the bank where their country norms and other things apply.
07:30So, there is a foreign bank.
07:33So, if you ask me, I will come to you.
07:36That means that you have an acknowledgement.
07:39The acknowledgement is the receipt.
07:41The receipt is the receipt.
07:43So, if you hold it now, let me know.
07:47Foreign bank will have an authority.
07:51You hold it now.
07:53There is an agreement.
07:55This is a loss.
07:57If you hold it now, you hold it now.
07:59If you have a custodian bank, it is India.
08:02If you hold it now, it is India.
08:03So, if you hold it now, you will have a security decision.
08:05If you hold it now, you will have an agreement.
08:07If you hold it now, you will have an agreement.
08:08If you hold it now, you will have a receipt.
08:10Which means, you will have to be here.
08:12You will have a consignment.
08:14So, this person will be issuing, this person is the bank issuing the depository receipts.
08:21Usually, the depository receipts are global depository receipts alone.
08:25If you hold it in India, it is Indian depository receipts.
08:28If you hold it in America, it is American depository receipts.
08:31So, we will deal with that.
08:33So, let me take you through the contents.
08:35So, let us follow the sections.
08:36Let us talk about the details.
08:37Let us talk about the details.
08:38Let us talk about the details.
08:39Let us talk about the sections.
08:40Let us talk about the sections.
08:41Let us talk about the details.
08:42So, chapter 12 consists of section 379 and 393A as well as the companies for registration
08:51of foreign companies rules.
08:53So, if we follow the sections, there are rules for registration of foreign companies.
08:58If we have documents to be delivered, registered and sold only, that is what we will say.
09:03What is foreign company?
09:04First of all, let us define it.
09:06Any company.
09:07Any company.
09:08Any is not any.
09:09Such is not.
09:10Such is not such.
09:11If you are in your business, you are in your business.
09:14Any company is a body corporate.
09:17Incorporated outside India.
09:20Rent point.
09:21Rent point.
09:22Which has a place of business in India, whether by itself or through an agent.
09:26That is also what we have to do with the agent.
09:27Physical, how does electric one work?
09:31For the context of any business activity in India in any other manner,
09:36any business activity in India in any other manner,
09:38any business activity in India, it is important for foreign companies.
09:42Now, we have to worry about the artificial person.
09:45Here is an example of the public.
09:48Let me go for it in detail.
09:51We have rules in different angles.
09:53We have electronic modes.
09:55All of these modes are available.
09:58Please highlight the main server.
10:01The main server is installed in India or not.
10:05The main server is not in India or not.
10:08You have B2B form, B2C form.
10:12There are transactions.
10:13There are data interchange.
10:15There are digital supply transactions.
10:17There are deposit assets.
10:19Deposit invite.
10:21In India or from citizens of India.
10:23There are financial settlements.
10:25There are web-based marketing.
10:27There are advisory and transactional services.
10:29Data-based services.
10:31Products.
10:32Supply chain management.
10:33Online services like telemarketing, telecommunicating, telemedicine.
10:36There are no data communication services.
10:40If you are looking for e-moners,
10:42you will get updated.
10:44It is not limited to.
10:46You will cover the product.
10:48You will cover this product.
10:49You will cover this product.
10:50You will cover this product.
10:52You can't even tell it.
10:53But this has a wider definition.
10:54Otherwise, there is not limited to.
10:56You will cover this product.
10:58And in that case, you will cover this product.
11:00If you don't have any points, if you don't have any points, it will be conducted by email, mobile, social media, cloud computing, document management, voice or data transmission or otherwise.
11:19Explanation, just explanation for this.
11:22Okay.
11:24Facts.
11:30The section so.
11:31392 and 393.
11:33This is all foreign companies to apply.
11:36This is all foreign companies.
11:38This is the definition.
11:39Two clauses according to the definition.
11:42Okay.
11:43This is normal.
11:44Second one.
11:46Requirement of holding of paid-up share capital.
11:49For foreign companies around, paid-up share capital,
11:55not less than 50%,
11:58no, not less than 50%,
12:00holding and subsidy relationship.
12:02If the government company is over 50%,
12:04where the government is over.
12:05But not less than 50%,
12:07which means more than 50%,
12:08usually 51% is over.
12:10Not of money, 51% is over.
12:12Whether equity or preference,
12:15or partly equity and partly preference,
12:18it is not about dead capital.
12:20Break the sentence.
12:21Of a foreign company incorporated outside India.
12:26Foreign company incorporated outside India.
12:29We are not talking about Indian company at all.
12:32And they have to fund that.
12:33This is held by one of more citizens of India.
12:37The 50% of their capital capital.
12:40If they are in India,
12:42than they are in citizenship to India,
12:43then they are in India,
12:44but they are in foreign companies,
12:45they are in foreign companies.
12:46That is the situation.
12:47Or,
12:48they have to make a note.
12:50End, where?
12:51Or,
12:52and then cumulative item.
12:53Or, by one of more companies or body corporates incorporated in India, by one of more citizens of India and one of more companies or body corporates incorporated in India.
13:06So, India, the regular person, citizens of company are enriched.
13:10So, if you are in India, the Indian citizenship is in India, correct?
13:15And if you incorporate in India, the Indian company, body corporates in India, so you can do it in India.
13:20But if you apply in this form, you can, whether it is single or the other, or in aggregate, such foreign companies shall also comply.
13:32Okay?
13:34Of course, the form will be incorporated in India.
13:39For example, here is the city of the Indian people, grandparents.
13:46So, grandparents are in India.
13:48When you talk about that, you will say, go to India.
13:52Then, you will incorporate the foreign people in India.
13:56See, you will incorporate the foreign edge.
14:00So, you will also be a complaint.
14:02You will have provisions of chapter 12 and such other provisions as maybe.
14:06So, you will do all the things in India that you will form.
14:09You will follow all the different forms.
14:12If you are in India, you will follow all the other forms.
14:17If you are in India, you will follow all the other forms.
14:21So, note, India says legal provisions of companies incorporated outside India.
14:24So, you will look at the Example.
14:26So, if you look at the Example.
14:31So, this is about the Example.
14:34So, this is about the Example.
14:36So, the Example is the red point.
14:38This is the applicable point.
14:40Section 382, 386, 92 and 93.
14:46In the second point, if you are in India, if you are in India, you will incorporate it in the provisions of India.
14:52Okay.
14:53Shall I go to the next one?
14:54380.
14:55Why do you register the documents?
14:58In the sense of the foreign company, how do you register the documents?
15:01It is a list.
15:02It is a list.
15:03It is a list.
15:04It is a list.
15:05Every foreign company within 30 days of establishment.
15:07It is a day-time with helpful.
15:08It is helpful.
15:09Within 30 days of establishment of his place in India, delivered to the register a certified copy.
15:18If you do the all the прiellinked that you need for.
15:19If you join a modified copy through it there, you might mark on all form the Southern countries.
15:22Do you revise your own badge?
15:23Or you'll see it 자�iensist so they request the breath of you about the moa, a, a boa mailing page too.
15:28If you write all the moa and a boa amark page in India, you will notice that "...
15:31In India, it is a crucial dimension.
15:32Not only does it do that.
15:33In otherkick, people will be translated here.
15:35So, we will translate it properly.
15:36You'll certificate your translation conveniently so that you'll receive certify.
15:38You can give them calculator.
15:39If you translate it, you will not know how to translate it.
15:43If you know MOA and AOA, you will not know how to translate it.
15:48You will not know how to translate it.
15:53So, what do you mean by Charter?
15:57If you have MOA and AOA companies act,
16:00if you have any laws, you will say MOA and AOA.
16:03You will say Charter documents.
16:05If you apply Charter documents, you will apply.
16:07You will apply for law, memorandum, articles of the company,
16:10and other instruments, probably agreement, partnership, body corporates,
16:13or anything that defines the constitution.
16:17If the instrument is not in English,
16:19a certified translator, please highlight.
16:23Certified Translator.
16:25They are now with the English language.
16:28This is related to simple and AOA,
16:32MOA and AOA.
16:34That is the main Charter documents.
16:36Second,
16:37full address of the registered, or what you call the principal office of the company.
16:40Number 1 is registered office.
16:42In other countries,
16:44they may be calling this as principal office.
16:46Corporate office, admin office, principal office, etc.
16:48What do you want to say?
16:49Number 2 is registered office records.
16:51The government is registered office.
16:52For the principal office, you will get the records that you have to get your first account.
16:54For the principal office, you will get the records of the company.
16:57It is listed as a list of directors and secretary of the company containing such particulars than anything.
17:02such particulars. If you want details from all the details, then you can go to the tin.
17:05If you want details from all the details, then you can print it.
17:08So, if you want to see all the rules, you can use the rules.
17:11Provide that the list of directors or secretary are equivalent.
17:14Sometimes, if you want to use the directors,
17:17if you want to use the directors, then you can use the terms.
17:20Okay, so we can see that.
17:22We shall contain the following particulars.
17:24What are the particulars?
17:25Personal name, surname full.
17:27Any former name, that is full.
17:29Father's name, mother's name or spouse's name.
17:32Or the date of birth, residential address, nationality.
17:35Nationally important.
17:36So, that's it.
17:37The present nationality is not the nationality of the origin.
17:41Or the nationality of origin.
17:43Okay.
17:44If you want to use the name or name,
17:46then you can use the passport number.
17:48Yes, please, highlight.
17:49If you want to use the passport number,
17:51you can use the passport number.
17:52Okay.
17:53You can use the passport number.
17:55Okay.
17:56Probably, if you come outside of India,
17:58you can use the passport documents.
17:59You can use the passport.
18:00If you want to use the passport number,
18:02you can use the passport number.
18:03Passport number, date of issue,
18:04what country is issued.
18:06More than one passport hold.
18:08Details of all passports.
18:10Income tax file number, if applicable.
18:13Occupation, if any.
18:14Okay.
18:15せて an an Indian initiative,
18:17if any regard was issued in Indian company,
18:18and you have to get onimb Прure to the passport number,
18:20they
18:28aid medication as well.
18:28And then,
18:30your membership number is made.
18:32If you trust an secretary or an professional in the specialist field,
18:34you can use the flyersettaos to your lawyer.
18:35You should e-mail and mail is clear.
18:36Thus, see.
18:37If you for active direct requests,
18:39list of directors and secretaries. Next, should I go for a deal?
18:43Name and address or names and addresses of one or more persons resident in India.
18:47Probably, if you have a business, some phone should be there.
18:51So, authorised, who is authorised to accept on behalf of the
18:55company service of process and any notices or other documents.
18:59We have registered offices, we have service of notices
19:03provide. MCO offices, government offices
19:07and we have registered office address.
19:11Now, you are going to run a business in India.
19:15You are going to run an office in India.
19:17Please, highlight this one.
19:19If you have a friend, you can't do it.
19:23He can't do it. He can't do it.
19:25If you have an excellent person in India, if you serve
19:29you, who will serve you?
19:31Who will serve you?
19:33Whether he is authorised to accept on behalf of the company.
19:35Whether he is authorised to accept on behalf of this company.
19:37And full address of the office of the company in India.
19:41Okay, which is deemed to be principal office in India.
19:43Please, highlight.
19:45Deemed to be principal office.
19:47That means, principal office of the company.
19:49Particles of opening and closing of a place of business in India on earlier occasions.
19:53Earlier, you have not done any cases.
19:57Declarations that none of the directors or the authorised representative have been convicted or debatred from formation of companies and management in India.
20:05When they are not in a company, they have to continue to file an annual filing.
20:11They are disqualified to be a director.
20:13For disqualification, they are very difficult to be a director.
20:15They are not going to be a loss.
20:17So, they are not going to be a loss.
20:19In India, they are not going to be a problem.
20:21So, you have to give a declaration.
20:23So, in any condition, it will be a declaration.
20:27Any other information.
20:29Is it okay?
20:30Next.
20:31Any other form, procedure, time for making an application or subscribe.
20:35You can follow the rules.
20:37Within 30 days, you have to go for registration.
20:40Which means, you have to submit all the documents.
20:42In this form, the form number is FC1.
20:45It is often repeated person in the form.
20:47FC1.
20:48Okay.
20:49The application shall be supported in an attested copy of approval from RBI under the Foreign Exchange Management Act.
20:55If you are aware of that, the foreign company, in India, will have a foreign currency involved.
21:00That is why RBI is a permission.
21:02If you have to submit the documents in this document,
21:05the RBI is a permission.
21:07The attested form is the most important thing.
21:10Yeah.
21:11So, on the acts and regulations.
21:12Okay.
21:13Then, offers the documents to be delivered.
21:15So, service of notes.
21:16They can provide for them.
21:17So, delivered to the address in Korea.
21:20They can provide for them.
21:21And it should be accompanied with the Skype fee.
21:27In case for the company ceases to have a place in business in India,
21:30you have to give a notice saying that
21:32any obligations are required.
21:34Probably liability is required.
21:35So, any obligations are required.
21:38So, this is the third point.
21:39The other state has no other place or business to provide for them.
21:44In a random minute, the business is not required.
21:46So, that is why I can do it.
21:47So, I hope I am not overloading.
21:50It is a simple concept.
21:51I want to call it the other thing.
21:52I want to call it the other thing.
21:53I want to call it the other thing.
21:54In India, after the 2013 Act, the applicability is the 2013 Act.
22:00Probably, the 1956 Act is the applicability.
22:03So, in August.
22:041956 Act is the applicability.
22:05So, after that time, we have registered the documents that are pending in the 1956 Act.
22:14Okay.
22:15Let me take you through that.
22:16Every foreign company existing at the commencement of the 2013 Act,
22:21which has not delivered to the register documents and particular specified in 1956 Act.
22:27You read it.
22:28The 1956 Act is the list of documents specified.
22:30If you submit that, you will not have anything that you will deliver.
22:35It shall continue to be subject to the obligation to deliver those in accordance with the 1956 Act itself.
22:42Okay.
22:43So, you will not do that.
22:44Which means both the applicability is there.
22:47In the 2013 Act, you will apply it.
22:50So, it will be free and post.
22:52You will also download it.
22:53And in the 5th of the year,
22:55we have registered all the documents in 30 days.
22:59And if you have any alterations,
23:02you will follow all the provisions.
23:04If you have any alterations,
23:06if you have any documents,
23:08you will file it in 30 days.
23:10If you have any alterations,
23:13if you have any alterations,
23:14you will provide details.
23:16Okay.
23:17Okay.
23:18So, registration 1.
23:20This is the form of FC2.
23:22FC1 is the main registration,
23:24then the alterations are the FC2.
23:26So, examples part of it.
23:27We have a financial year.
23:28We have a calendar year.
23:30This is applicable for every foreign company.
23:33It makes out a balance sheet and a profit and loss in such form.
23:37It is prescribed to be a lot.
23:40It is a continuity model.
23:42Containing such particulars,
23:44and including or having attached or annexed them to such documents.
23:49If you have annual reports,
23:51independent auditor reports,
23:52actor reports,
23:53MADAR,
23:54management and discussion analysis reports.
23:56If you have low reports,
23:57then you will follow them.
23:59If you have such documents,
24:00then you will follow them.
24:01Okay.
24:02There will be a copy of those documents to the register.
24:06Okay.
24:07Accordingly,
24:08we have to follow the rules also.
24:10Every foreign company,
24:11shall prepare financial company,
24:13sorry,
24:14financial statements,
24:15offers Indian business operations,
24:18with schedule 3.
24:19Please highlighting them.
24:20Okay.
24:21Schedule 3.
24:23Now,
24:24if you have any concerns,
24:25you can write the documents.
24:26If you have any documents,
24:28you have to annex the documents,
24:29if you have any other companies after the 2013 chapter,
24:31you will also attach accounts of the companies.
24:33And you can attach the documents to the account of the company.
24:35You can attach the documents.
24:36You can attach the documents to the latest Consolidated Financial Statutes of the Bank Company.
24:40You can attach the documents to the Foreign Subsidy.
24:42You can attach the documents to the Foreign Subsidy.
24:44So, we will discuss the details of financial care.
24:46Then,
24:47calendar year than a platform.
24:51For 1st January,
24:52we can calculate.
24:53Yes, otherwise,
24:54I can discuss this.
24:55Provided that a company
24:56or body corporate,
24:57which is a holding
24:58or subsidiary
24:59or associate company
25:00incorporated outside India
25:02and is required to follow
25:03a different financial statement
25:04outside India,
25:05the central government
25:06may on application.
25:08May not must have
25:09the word meaning.
25:11Okay,
25:11then you may shall
25:12and you need to
25:13may not must have
25:14by that company
25:15or body corporate,
25:16etc.
25:16Allow any period
25:18access financial year.
25:19Please find it.
25:21Usual financial year
25:22we discuss
25:22on the 1st April
25:24and the 31st March.
25:25The central government
25:27is a very business
25:29run company
25:30and we can adjust
25:31three months.
25:32If you are a central government
25:34request,
25:35we will be able
25:35to do financial year.
25:36Whether or not
25:37that period is a year.
25:39But we are
25:40in our category
25:40and we will adjust
25:42three months.
25:43So,
25:43you can note
25:43that.
25:44what you can do
25:45in the financial
25:47year.
25:47You can note
25:47the definition
25:48and the definition
25:48will be able
25:48to do.
25:48First chapter is
25:49complete of definitions.
25:50We are definition
25:50financially
25:51allocated.
25:52Usually,
25:54definition
25:54can be able
25:54to do.
25:55But definition
25:57can be able
25:57to do.
25:57This is the discussion notes for all of these.
25:59So along with section numbers you can provide.
26:01This is proviso.
26:03You can use the product to touch,
26:05but you can apply definition to my definition.
26:07So, it's not the case,
26:09but it's not the case, but it's not the case.
26:11It's not the case.
26:13This is the definition.
26:15We can talk about the definition,
26:17but also the foreign companies to talk about it.
26:19If you have an application,
26:21you can use the application or an application.
26:23You can use the company's amendment ordinance.
26:25It's a appointment ordinance. Do you remember what you mean by ordinance?
26:29If you pass a bill and the bill,
26:31the people and the President go for it.
26:33But the people and the government form will not for it.
26:35If it was immediately when there were steps,
26:38the president was ascent, a director.
26:40If the president comes to the government,
26:41the government is a parliamentary act.
26:42They become a parliamentary act of the law.
26:45So if I say the people and president go for it,
26:48they are going to say an ordinance of amendment,
26:51We're going to say an ordinance only
26:51and we're going to say to the three month.
26:53It will be effective.
26:54That's why you can't pass an audience.
26:56If you pass an audience, there will be COVID.
26:59That's why I don't know.
27:01I'm just telling you,
27:02COVID pattern is a great issue.
27:04So, if you have any issues,
27:06then I will note that.
27:09It's important that a foreign company
27:11having this not necessarily call of financial year
27:13ending 31st March every year.
27:15Okay?
27:16So, definitely understand that.
27:18So, if you don't have an audience
27:20that you can't do that,
27:22you can't do that.
27:23You can't do that in the definition of
27:24April 31st March.
27:26Okay?
27:27Probably, if you have a training question,
27:30you can't do that in a foreign company
27:32or any other assignment.
27:34If you don't know financial year,
27:37you will probably be a problem.
27:40Seriously, I'm discussing this one.
27:42And all foreign companies
27:44are going to be financial.
27:46There may be a change in the months.
27:48If you have a training,
27:50if you have a training,
27:51if you have a foreign company
27:52assignments,
27:53the first question you have to raise is,
27:55let it talk about it.
27:56The first question you have to raise is,
27:57this is the question.
27:59Okay?
28:00What do we do to discuss?
28:02What do we do to discuss within 6 months
28:04of the financial year?
28:05What do we do to do?
28:06We can't do financial year.
28:07If we are going to be the 31st March,
28:08we will say that in September,
28:11you will say that in September,
28:13then you will say that in September.
28:14You will say that in 6 months.
28:15Then we will do financial year.
28:16You will say that in September.
28:17You will say that in September.
28:18Then you will say it's going to be the same.
28:19If you have to take a link,
28:20let it have an example file,
28:23then you will say that in September.
28:25If you have a rights circle,
28:28then you will write in the right circle.
28:31If you have specified documents in English,
28:33then you will say the certify translation.
28:35And every company should send to the register along with the documents,
28:38along with the documents or whatever, it is a copy of the list of the prescribed forms.
28:41If you have any place of business in India, you will have a barrage or you will have an attachment to it.
28:47So, again, we will have rules.
28:49We will have any form.
28:50Form FCT.
28:51So, if we have any form, we will have rules.
28:54And again, if it ceases to have a business, that also has to be disclosed.
28:58If you have any place of business, you will have no place of business.
29:02If you have any place of business, we will have to share money.
29:05And according to the rules, 2014,
29:09every foreign company along with financial statements to be filed,
29:14attach that to, yes, end closures.
29:17Later party transactions.
29:18You know, what is later party transactions?
29:20Later party transactions.
29:22Repatriation of profits.
29:23What do you mean by repatriation of profits?
29:25Now, if you have a business, you can do it.
29:28You can do it.
29:29You can do it.
29:31Whether it is any service.
29:33Then, how come the profits are in sharing?
29:36You can do it.
29:37If we can do it, we can do it.
29:38You can do it.
29:39If you work with agent, you can do it.
29:41Then, how do we consider it?
29:43You can do it.
29:44You can do it.
29:45You can do it.
29:46You can do it.
29:47You can do it.
29:48So, if we follow the statements and the rules.
29:50And then, when we do it, it will be clear.
29:52And then, if we close out the financial year for foreign.
29:55foreign company. So, foreign company can actually close money for six months. Okay. Probably,
30:03these specialties are over three months on the exchange money. Is it okay?
30:09So, explanation, example. Audit of accounts by foreign company. Yes, in the business,
30:16Indian operations work. So, in the practicing charter content, we can follow money.
30:21So, this is normal. In India or form. Audit and auditors. So, if anyone is auditing,
30:28it's a single person. It's a practicing charter. It's a partnership firm,
30:33limited liability partners. They are not going to form the company.
30:37They are not going to form the company. So, if they are not going to form the company,
30:43they are going to form the company. So, if we look at the audit and auditors,
30:48we are going to form the company. We will apply. You remember this word,
30:51mutaties, mutaties. When we are there, we are going to apply. Okay.
30:57When we are there, we are going to apply. If we are going to form the foreign company,
31:01then we are going to apply. This is what we are going to change. Which means,
31:06when we are going to apply, we are going to change.
31:10If we are going to change, we will apply. Mutaties, mutaties. Okay.
31:13In case, if the company is paying a name, we can change the name of MOA,
31:17we can change the public-private, private-public-public,
31:20then we can use it. Okay.
31:22If we can choose the registered office, then we can use it.
31:25We can use it. If we do it.
31:26My intention here is, name is A, B, C, Private Limited, X, Y, Z.
31:33What do you know about this company?
31:36A, B, C.
31:37Which means customer, stakeholders.
31:39Previously known as A, B, C, Private Limited.
31:43Previously known as A, B, C.
31:46Now, what is the foreign company?
31:50So, what do you do in this business?
31:52Outside of every office, you have to clearly exhibit.
31:56Clearly, what is the town?
31:58How does it use the town?
32:00How does it know exactly what they are doing?
32:05What is the town?
32:06How does it know about the board?
32:08What is the town?
32:10What does it know about the room?
32:12The town is built.
32:14You can see what the town is built.
32:16This is a complex area.
32:18There are many offices.
32:19You can identify where to go, you can identify where you can go.
32:21If you know where to go, you can identify where the room is, where you can identify where you can go.
32:25You can identify where the door or door is.
32:27You can look at the door as well.
32:29It's just a bit of a meaning and location.
32:32If you're talking about it, you can go through the meeting.
32:35If you're talking about it, you can see what the ex-examination is.
32:37So, every office or a place where it gets the name of the company and the country.
32:43Please, high five.
32:45What company is incorporated in the company?
32:49Usually, there are legible English characters and also the characters of the language.
32:53One of the languages is general use of that officer.
32:56Tamil.
32:57It depends on Tamil.
32:59Of course, the name of the company and the country is incorporated in legible English characters.
33:06If the liability of the members is limited, cost notice to that effect.
33:09So, there is only liability limited or unlimited.
33:12If you have a private limited or limited limited, then you can do it.
33:17If you have a PTE, Singapore companies.
33:21If you don't know what to identify, then you don't know what to do.
33:24If you don't know what to do, then you don't know what to do.
33:26So, all of these are all available.
33:28Bill heads, letter papers, lotters, advertisements, etc.
33:31All of these are all related.
33:33For instance, documents and documents are all available.
33:36And should you cross-faciously exhibit?
33:38See, earlier you did what to exhibit the employee.
33:42You ask the liability exhibit to the members.
33:45Of course, the same lineings are.
33:47Shall we continue?
33:48Okay.
33:49Service one point.
33:52You can register an office and you can register one.
33:53You can register one of the postal supplies.
33:54I will do it without registering.
33:57You can register one of the oppressive requests.
33:58I will register one.
33:59Your company is in 3D school.
34:01That is all of this.
34:02so that we just carry on. And seventh ending, with respect to debentures,
34:08annual return. So, we highlight debentures,
34:14annual return file, registration of charges, books of accounts, and their inspection
34:20follows from 318-40. Depentures, issue of debentures, section 71. Please highlight,
34:29shall apply Mutanis-Mutanis. Okay, if we have an Indian company or foreign company,
34:35but that changes are applied. Okay, provisions of 92, this is with respect to, so this is 91,
34:41this is 92. With respect to preparation and filing of annual return, these are the exceptions,
34:47modifications. Probably, if we have an annual return file, we will have an annual general meeting.
34:53We will have an annual annual return file, but instead, we will have an annual return file.
34:59So, exceptions, modifications, adaptations, etc.
35:03If you follow the CSR policy, you will have to follow the same process.
35:09The company will probably fulfill the criteria of CSR policy.
35:13So, the criteria will fulfill the criteria, you will have to do the same requirements.
35:17It is very important.
35:19If you remember the profit and loss of what items,
35:23expenses, salaries, CSR,
35:29CSR expenses,
35:33revenue, operations,
35:37expenses item by item,
35:39salary.
35:41CSR should be separately shown as a separate item
35:45in the profit and loss of.
35:47Okay.
35:49So, you follow the company's rules.
35:53And I am going to have to have a form called FC4.
35:57Please make a note.
35:59Within a period of 60 days from the last date of
36:01financial year.
36:03And the company is gone.
36:05Is it okay?
36:07And following the section 128
36:09for books of accounts that will be kept
36:11by the company.
36:13If you open the MCA website,
36:15you can find the master data
36:17and you can find the books of accounts.
36:19Usually, you will have a registered office.
36:21In case you are not
36:23maintaining the books of accounts,
36:25the registered office.
36:27There are other places,
36:29members will have a resolution of 95%.
36:31Okay.
36:33So, if you have books of accounts,
36:35you will have registered office.
36:37So, how much the money you receive,
36:39you spend, the sales and purchase,
36:41the assets and the liabilities,
36:43all you need to maintain.
36:45And the registration of charges,
36:47we show you the highlighter session.
36:49So, in chapter 6,
36:51you will follow all the references.
36:53We will give you the registration of charges,
36:55that is, security can be attached
36:57for property in India or foreign land.
36:59Then we will come back and we will come back.
37:02Then chapter 14 deals with inspection, inquiry and investigation.
37:06Applies Mutatis Mutatis.
37:08Because that law will follow up.
37:10Is it okay?
37:11Yeah, actually that is funny.
37:13Certified is not the only way to be certified.
37:16Probably translation related to the correct translation.
37:19So that should be there.
37:22If you look at our co-translate,
37:25Then you can't change the language.
37:27Do not change the language.
37:28Do not change the language.
37:30Do not change Hindi or Tamil.
37:31Do not change the language.
37:33So that is what you express.
37:34If we look at our laws,
37:35it is the jurisdiction.
37:37We have to travel from North to North.
37:39We have to go from here.
37:40If you look at property related case.
37:42What is the type of property?
37:44Probably, if you look at North,
37:46if you look at state.
37:48Do not take a reason.
37:50We are lost.
37:51We have state loss.
37:52If we don't have language, culture, etc.
37:55That's why we don't have a translator.
37:58There will be a translator.
38:01If we don't have a political version,
38:03if we don't translate it,
38:05we don't have to reply correctly.
38:08We don't have to talk about it.
38:10We don't have to talk about it.
38:12Certified is not a small thing.
38:15Certified is a correct translation.
38:18Director in relation to a foreign company
38:21which includes any person in accordance
38:23in whose directions or instructions
38:25the board of directors follows.
38:27Place of business,
38:29this keys, highlight, examiner often repeated
38:31includes a shared transfer agent
38:33or registration office.
38:35If you have a shared transfer agent
38:37or a shared transfer agent,
38:41you have a registration office.
38:43If you have a place of business,
38:45you don't have to talk about it.
38:47But not limited to B2B, B2C.
38:49If you have a shared transfer agent,
38:51you don't have to talk about it.
38:53If you have a shared transfer agent,
38:55a shared transfer agent,
38:57you have to talk about it.
38:59Then you can't take place of business.
39:01So, example,
39:03place of business.
39:07Place of business.
39:09Another notion of definition.
39:11Further to qualify as a foreign company,
39:13a company must have,
39:15it must be incorporated.
39:17So, just to complete an understanding.
39:19Incorporated outside India should have a place of business in India.
39:23So, the place of business should be either in his own name
39:25or through an agent.
39:26No name.
39:27No name.
39:28Or maybe even through electronic bit.
39:30Contact any business activity.
39:32Having a shared registration office at Mumbai
39:34will be treated as a foreign company.
39:36The example is.
39:37Okay.
39:38Company incorporated in Singapore
39:40for carrying on the business in Singapore
39:42shall not fall within the recommendation.
39:44Incorporation in Singapore.
39:46So, the business is the same.
39:47So, the business is the same.
39:48Okay.
39:49So, that is the same.
39:50Shall we continue on 387?
39:52Heading No. 10.
39:54Dating of prospectors and particulars to be contained there.
39:57Follows from 387.
39:58Prospectors, we have different types of prospectors.
40:01And we have highlighted the information.
40:04We have already read the Indian version.
40:06So, prospectors to be dated and signed.
40:09Follows from subsection 1 of 387.
40:11So, any industry access is allowed to subscribe,
40:13subscribe, survey, distribute, etc.
40:16In the norms, you can follow up.
40:19No Puzzle Share Issue.
40:20Obviously, prospectors will end up over.
40:22Shares will go.
40:23Deposit disease over.
40:24Please try to recall.
40:25Prospectors will taste in the deposit disease over.
40:28Okay.
40:29So, no Puzzle Share Issue, Survealed or Distribute.
40:31Offering to Subscriber to Secure.
40:33Incorporated or to be incorporated outside India.
40:35Whether has or not established.
40:37Incorporated or to be incorporated.
40:40I want to highlight this word.
40:41Probably you can make a note down when incorporate.
40:43Incorporated or incorporate aga pood.
40:44Whether when formed?
40:46Will or will not establish a place of business in India?
40:49Please highlight, place of business in India.
40:50In India, there is not a place of business in India.
40:51And there is no incorporation in India.
40:53That's me.
40:54All right.
40:55Incorporation in India.
40:56See.
40:57Incorporation India in India in India,
40:58you are India where it's applied into India.
41:00In India where it is?
41:01No place of business in India,
41:02but if you are incorporating India in India,
41:04you are getting applied into India.
41:06Okay, stated and signed, contains particulars with respect to the following matters, instrument
41:10containing, so the constitution will be called a MOA and AOE, so that has to be given.
41:15And then the provisions and enactments are the applicability based on the incorporation.
41:18But number one, the chapter 2 is completely with respect to the incorporation of a company.
41:22You have to register for note, date number, where are the details of the company.
41:25So, the company can include the laws of the company, others in India, so the details
41:29are provided for note, in case initially alert, there should be a certified translation copy.
41:33And date on which the country and which the company will be incorporated, so if a incompetent
41:38country and how about the place of establishment, where the matter is specified, you follow from
41:42section 26.
41:4426 example of that, matters to be stated in the prospectus, NNR, Middle East, Chikar, Golden
41:49Roots of Prospectus Islamic Applies, provided that the 1, 2, 3, 4 appointees shall not apply
41:54in case a prospectus is issued more than 2 years after the date.
41:57So, on a period of call, that's what.
41:59No waiver of compliance in prospectus.
42:04Once prospectus details put in the prospectus, probably you are obliged to that.
42:08You are going to follow up.
42:09You are going to follow up.
42:10You are going to follow up.
42:11So, if you are going to follow up or you are going to follow up, then you are going to
42:16waiving, then you are going to avoid.
42:18That's what you are going to follow up.
42:19You are going to follow up.
42:20You are going to follow up.
42:21You are going to follow up.
42:22Okay.
42:23Prospectors are the expert statement.
42:27The expert statement is the concern.
42:34Please try to read more.
42:36The concern is also the concern.
42:40The prospectors are able to raise money for this business.
42:46The concern is the concern.
42:49The concern is the concern.
42:53The concern is the concern.
42:55If you recall, you will be able to raise money for this business.
43:00The concern is the concern.
43:03The prospectors are going to be public.
43:06The concern is the concern.
43:09The concern is the concern.
43:12The concern is the concern.
43:15The concern is the concern.
43:19The concern is the concern.
43:21The concern is the concern.
43:23The concern is the concern.
43:25With respect to subsection 3,
43:27the form of application and security should be issued along with the prospectors.
43:30If there is any prospectors,
43:31it is the conclusion of the application form.
43:33So, that is mandatory.
43:35Okay.
43:37Exception is probably
43:39the concern is the concern.
43:41The concern is the concern.
43:42It is the concern.
43:43Underwriting options are the concern.
43:44The concern is the concern.
43:45Then,
43:46Subsection 4.
43:48The concern can not be issued with existing members or
44:14If you are getting the shares, then you can do the shares.
44:21If you are getting the shares, then you can do the shares.
44:26You can do the shares.
44:30So, that's why you register.
44:34So, if you are getting the shares, you can make the shares available to the public.
44:39and then we will deposit the fees.
44:41That is why we are working on it.
44:45Again, the prospectors and application
44:47are an existing member and departure owners
44:49of the company.
44:51Existing members and existing departure owners.
44:53If you have any questions
44:55about the company,
44:57uniform and all respects,
44:59that is why we are going to follow.
45:01Obviously, share limit or diminish any liability.
45:03Liability is not available.
45:05No waiver of compliance is available.
45:07You have to escape from India.
45:09So, in India, there is any loss
45:11and contemptible.
45:13So, you can get that.
45:15This is why we have to do it.
45:17This is why we have to do it.
45:19We have discussed earlier.
45:21We have to do it.
45:23He is incorporated or to be incorporated.
45:25Prospectors may be including a statement
45:29given by the expert.
45:31He has not given or has been
45:33before delivery of the prospectors,
45:35because he has not withdrawn his return consent.
45:37Okay.
45:39So, already we have discussed money time.
45:41And this has been followed from
45:43stock exchanges.
45:45So, the issue of application form for securities,
45:49section 33,
45:51whatever the central needs to be dealt with
45:52stock exchanges,
45:53listing agreement,
45:54section 40,
45:55and then followed.
45:57Then,
45:5812th heading,
45:59Prospector 389,
46:00Registration of Prospectors.
46:02First,
46:03if Prospectors are registered,
46:04shares are issued.
46:05It is applicable to a foreign company
46:07or to a foreign company.
46:08We have discussed that
46:10foreign companies in India,
46:11shares are raised.
46:12Deposit disease is issued,
46:13shares are raised.
46:14So,
46:15they are registered.
46:16They are registered.
46:17They are registered.
46:18They are registered.
46:19Stock exchange,
46:20listing agreement.
46:21They are registered.
46:22They are registered.
46:23They are registered.
46:24Okay.
46:25Whether the company or
46:27has or has not established.
46:29This is a foreign company.
46:31I am going to tell you.
46:32Probably,
46:33it might be established.
46:34If they are established,
46:35if they are established,
46:36they will share the issue.
46:37That's all.
46:38Okay.
46:39I agree.
46:40They are registered.
46:41They are registered with the check person
46:44and two other directors
46:46approved by resolution.
46:47And Prospectors,
46:48it's on the face
46:49that the copy has been sold delivered.
46:51I am going to put it on.
46:52Registered.
46:53I am going to put it on.
46:54And it should be endorsed
46:55or attached to the copy.
46:56Any concern to the issue
46:57given by the prospectors
46:58and what are the other documents
46:59that you have introduced.
47:00That's the main content.
47:02In case any concerned issue,
47:04that process has to be annexed.
47:06So, it is annexed as well.
47:07Copy of contracts
47:09like managing director,
47:10manager,
47:11you can provide.
47:13In case service contract
47:15is available,
47:16if you have a written form
47:18or a memorandum
47:19or a full particular slate
47:20alone,
47:21you can provide.
47:22And then the material contracts
47:23could not be entered
47:24in the ordinary course of business.
47:26Preceding two years
47:27could not come out.
47:28Copy of underwriting agreement,
47:30copy of the power of attorney,
47:31it will provide.
47:36Let me continue.
47:37Offer of Indian deposit resources
47:39390.
47:40This is Indian deposit resources.
47:42General Arch EDRs
47:43is a global deposit resources.
47:45But,
47:46now,
47:47you can find the company
47:48or foreign company
47:49where are the Indian
47:50banks issued.
47:51So,
47:52you can find the Indian bank
47:53issued.
47:54It is a custodian
47:55and you can find the bank.
47:56Correct.
47:57Indian deposit resources
47:59means any instrument
48:00in the form of deposit resources
48:02created by a domestic depository
48:06in India.
48:07Okay,
48:08custodian
48:09sorry,
48:10custodian
48:11depository
48:12in India.
48:13Okay,
48:14I stand corrected.
48:15Foreign company
48:16incorporation
48:17foreign
48:19from India
48:20from India
48:21from India
48:22from India
48:23from India
48:24from India
48:25to Indian deposit resources.
48:26Okay, I stand corrected.
48:27So, depository
48:28depository
48:29in India
48:30and authorized by a company
48:31incorporated outside India
48:32making an issue of such deposit resources.
48:34okay.
48:35So,
48:36one of the agreements
48:37is a few.
48:38So,
48:39follows from 390.
48:40Central government
48:41has a power
48:42about how to discuss
48:43what to do
48:44and how to disclose
48:45and how to do
48:46and how to disclose
48:47and how to disclose
48:48all the details
48:49and how to provide
48:50all the details.
48:51That's why
48:52we provide the idea
48:53and the details.
48:54And,
48:55how to do the depository
48:56meet out.
48:57Custodian bank
48:58and underwriters
48:59provide all the details.
49:00In other words,
49:01we talk about the prospectors
49:02and underwriters
49:03the details
49:05so,
49:06we talk about the custodian
49:07details.
49:08And,
49:09what type of sale,
49:10transfer,
49:11or transmission
49:12is applicable
49:13for the idea.
49:14And,
49:15follows from room 13
49:16of registration
49:17of companies.
49:18No company,
49:19established,
49:20etc.
49:21Okay,
49:22so,
49:23ICD
49:24or issue of capital
49:25and disposal requirements
49:26or regulations
49:27are not followed.
49:28Okay,
49:29you know,
49:30recognize stock exchange
49:32and then,
49:33you know,
49:34what type of sale is
49:35not followed.
49:36Application of chapter 15.
49:38Compromises,
49:39arrangements and
49:40amalgamations
49:41are not discussed
49:42as well.
49:43Mergers and amalgamations
49:44are not discussed
49:45as well.
49:46It's very simple.
49:47So,
49:48it's very simple.
49:49So,
49:50apply
49:51and
49:52that is what that is.
49:53This is the answer.
49:54Okay.
49:55application of
49:57section 34 to 36
49:58and chapter 20.
49:59So,
50:00follows from section 3,
50:0191.
50:0234,
50:0335 and 36
50:04applicable.
50:05Dealing with issue of prospectors,
50:06issue of IDR.
50:0734,
50:08misstatements and prospectors
50:09and the criminal liability.
50:1035,
50:11civil liability.
50:1236,
50:13fraudulently inducing
50:14persons changes money.
50:15This is the name of
50:16already dealed
50:17and then,
50:18apply.
50:19Okay.
50:20Power of winding up of companies
50:21and provisions of chapter 10,
50:22related to winding up of chapter 10,
50:23related to winding up chapter 10,
50:24shall apply.
50:25Mutanties mutants.
50:26Okay.
50:27I'll go for 392.
50:28Punishment for contravention.
50:29Directly,
50:30you can come through over here.
50:31Punishment with 5,
50:32which shall only be less than 1 lakh rupees,
50:33but which may extend to 3 lakh rupees,
50:34but which may extend to 3 lakh rupees.
50:36In case of the cattidy vajt ga,
50:37with an additional fine will be there,
50:38which may extend to 50,000 rupees,
50:39for everyday,
50:40after which the contravention is continued.
50:43And every officer.
50:45So,
50:48this is the company.
50:49So,
50:50this is the company.
50:51This is the company.
50:53This is the company.
50:55to 50,000 rupees for every day after which the contravention has continued and every
51:01officer.
51:02This is the company.
51:03Do you have a deal here?
51:04This is the company.
51:05This is the officer of the company.
51:07Officer of the foreign company who is in default shall be punishable with fine which shall
51:11not be 25,000 rupees which may extend to 5,000,000 rupees.
51:17Okay.
51:18How do you do this?
51:22Highlight.
51:23So, if you have an Indian contract, you can say that.
51:28Actually, there are Indian contracts and parties.
51:33But, if there are international contracts, you can say that.
51:38So, that's how we discuss.
51:40Follow us.
51:41Follow us.
51:42Follow us.
51:43Follow us.
51:44Follow us.
51:45Follow us.
51:46Follow us.
51:47Follow us.
51:48which means that contact will be clearly, clearly valid.
51:53What the provisions discussed in the company is that they don't have any contact with the company.
52:00They don't have anything to do with the company.
52:03Obviously, the law is to protect us.
52:06So, it should not affect the validity.
52:09Dealing or transaction entered into the company or his liability to be sued,
52:13So, they don't have a breach.
52:15What is it?
52:17Do you file a suit?
52:19The company shall not be entitled to file a suit.
52:22Probably, if we can say this,
52:25or if we can say this,
52:26or if we can say this,
52:28or if we can enter a minor contract,
52:30it will be beneficial.
52:32But, the opposite party will file a case,
52:36or the performance of the fundants and claim it.
52:38That's what we can say.
52:39See, the company will follow up.
52:41The two parties will follow up
52:43One party will go to government,
52:44which I am talking about a foreign company,
52:46but the other party will go to India.
52:47So, there are Indian companies,
52:49who can't try it.
52:50Basically, if you don't know,
52:52they will have to choose the team as well.
52:54They will follow up to the doctor,
52:56who can say anything.
52:57If you make certain that they remember,
52:59there is no reason for the protection of international company.
53:00They have to file them, etc.
53:02I will order them to file them,
53:03so you are interested in the safety of the company.
53:04In that case,
53:05the foreign company will explain what they have to do.
53:07So, if he does what he does, he says the chapter, but he does follow.
53:11That's why this company is incompetent.
53:15This contract is still marked.
53:18So, when we refer to a minor,
53:22a minor case is that he does a newspaper boy.
53:26He does a commission.
53:28So, where I am going, he says,
53:30he says, he says,
53:32he says,
53:34he says,
53:37he says that minor is beneficial.
53:38Minor can claim for the performance.
53:40Claim for the performance,
53:41he says,
53:43but the other party cannot claim.
53:45But I am going to ask you,
53:47if you claim to claim to me,
53:49then he says,
53:51the company will be treated as incompetent person.
53:55Which means, no capacity to enter into a contract.
53:57If you enter a contract,
53:59then,
54:01the other party,
54:03foreign company,
54:04other party favourable.
54:05Beautiful lot of provisions.
54:07Okay.
54:08So, the company shall not,
54:09I want to highlight this,
54:10cannot bring any suit,
54:12claim any set-off,
54:13make any counter-claim,
54:14institute any legal proceedings,
54:16in respect of any contract,
54:17or dealing,
54:18or whatever it is,
54:19until it has complied with the provisions of this chapter.
54:22Beautiful lot of provisions.
54:24Probably,
54:25the exact point of view,
54:26it is not helpful,
54:27but the future is definitely useful.
54:29So,
54:31we will do word by word.
54:32I will do it.
54:33Okay.
54:34Okay.
54:35So,
54:36Rule 12 of registration of foreign company rules,
54:39the improper use,
54:41or description as foreign company,
54:43if you want to use it,
54:44obviously,
54:45you will follow up.
54:48This is Manjita.
54:49Exemption under this chapter,
54:51probably,
54:52by notification,
54:53like foreign companies,
54:54it is not applicable.
54:55And,
54:56probably,
54:57incorporator has not established,
54:58which formed,
54:59or may not formed,
55:00a place of business in India,
55:01it is applicable.
55:02And,
55:03what are the other matters,
55:04incidental,
55:05with respect to,
55:06IFSTs,
55:08International Financial Service Center,
55:10and,
55:11the other thing is,
55:12the special economic zone,
55:14the other thing is,
55:15the other thing is,
55:16the other thing is,
55:17is that you can do it.
55:18You can say,
55:19it's not a special economic industry,
55:20but,
55:21all these factories are,
55:22nothing domestic,
55:24export,
55:25and,
55:26they are foreign,
55:28they are foreign,
55:29they are foreign.
55:30Actually,
55:31they can't enjoy the privilege,
55:32and,
55:33the export business is not,
55:34the economic standout.
55:35So,
55:36the central government,
55:37has this prescribed rules.
55:39But,
55:40government,
55:41in an empowerment position,
55:42cannot,
55:43withhold other cases.
55:44Okay.
55:45That's it, Pa.
55:46So,
55:47if you find any difficulty,
55:49in any terms,
55:50or whatever,
55:51just,
55:52we will discuss.
55:53Thank you Pa.
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