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Under Section 2(42) “Foreign company” means any company or body corporate incorporated outside India which
The shareholding of Emaar Company LLC, incorporated in Dubai and having a place
of business in India, is as follows:
1. Hinduja Company Limited (Indian Company): 26%
2. Vaishali Company Limited (Indian Company): 25%
3. Remaining: Citizens of Dubai.
Select the most appropriate option.
Every foreign company shall, within how many days of the establishment of its place of business in India, deliver to the Registrar for registration.
X Ltd., a foreign company established with a principal place of business at Chennai, Tamil Nadu. The company delivered various documents to Registrar of Companies.
State the number of days and place where the said company shall deliver such documents:
A Limited, a foreign company with a place of business in India was established to conduct the business online as to data interchange and other digital supply transactions. The said company failed to deliver few document within the prescribed time period to the Registrar of Companies in compliance to the Companies Act, 2013. State the penalty cast on A Limited for the cause of its failure.
ABC Ltd. is a company registered in Singapore. Although, it has no place of business established in India, yet it is doing online business through remote delivery of telemedicine services in India. State the incorrect statement as to the nature of the ABC Ltd. in the light of the Companies Act, 2013
Section 380 (3) provides that where any alteration is made or occurs in the documents delivered to the Registrar under section 380, the foreign company shall, within ______ of such alteration, deliver to the Registrar for registration, a return containing the
particulars of the alteration in the prescribed form
V Ltd., a foreign Company incorporated in Thailand, appointed Mr. J as a representative in India for the management of place of business in India. Due to unsatisfactory services of Mr. J, V Ltd. replaced him and appointed Mr. S. V Ltd. is required to comply with which of the following requirement
The Application for registration shall be filed with the Registrar within 30 days of the establishment of its place of business in India, in which form
The Application for Alteration shall be filed with the Registrar within 30 days of the establishment of its place of business in India, in which form
As per section 381, Every foreign company shall, in every _________ make out a balance sheet and profit and loss account and deliver a copy of those documents to the Registrar.
Every foreign company shall, along with the financial statement required to be filed with the Registrar, attach thereto the following documents.
(1) Statement of related party transaction
(2) Statement of repatriation of profits
(3) Statement of transfer of funds
(4) Statement of transaction taken place at Non arms lenght price
(5) Statement of income taxes paid
X Ltd., a foreign company along with the financial statement of FY 2021-2022 of its Indian business operations have to file statement of related party transactions, repatriation of profits and statement of transfer of funds with the Registrar latest by _____
All the documents including Financial statements and documents shall be delivered to the Registrar within a period of _______ of the close of the financial year of the foreign company to which the documents relate.
Emaar Company LLC, a company incorporated outside India has a place of business in India. All the financial decision of Emaar Company LLC is taken by Abudala Company LLC, holding company of Emaar Company LLC. One of the key raw materials required by Emaar Company is procured through its subsidiary Company Fizi Company. Abudala and Fizi Company are required to follow a different year for the preparation of financial statements on a consolidated basis. You as a qualified Chartered Accountant and a liaison officer to Emaar Company LLC is required to bring to the notice of Emaar Company LLC the circumstances in which case the financial year of Emaar Company shall change to that of its Holding Company?
Mannat Company LLC, a company incorporated outside India, proposes to establish a place of business in India through electronic mode. Mannat Company LLC issued prospectus to the citizens of India for subscription of Mannat Company’s securities. Mannat Company LLC has been into business for more than 2 years since the company received the commencement of business certificate. The prospectus was duly dated and signed but did not contain the particulars relating to the enactments under which Mannat Company was incorporated and does not provided with any details relating to any establishment in India. You as a pursuing Chartered Accountant are required to examine the validity of the prospectus issued by Mannat Company LLC?
Fam Company LLC, a company incorporated outside India, proposes to establish a place of business in India. The list of the Directors includes Mr. Arjun – Managing Director, Mr. Ranveer – Director and Ms. Lavina – Secretary of Fam Company LLC. Mr. Malik and Mr. Arbaaz, resident in India, are the persons who has been authorised by Fam Company LLC to accept on behalf of the company service of process, notices or other documents required to be served to Fam Company LLC. In relation to the company’s establishment, you are asked by the Fam Company LLC with respect to whose declaration will be required to submit to the Registrar by the Company for not being convicted or debarred from formation of companies in or outside India.
XYZ Ltd, incorporated outside India, having place of business in India and 45 % of its Paid up capital is held by Indian Body Corporate. State the type of company and laws applicable to it.
A ltd is a Foreign Company which can issue prospectus to Indian Public if the Prospectus is:
LMN Ltd. is a Foreign Company and seeks to know which of the following sections shall apply. Comment.
Sec 387 related to Dating of prospectus and particulars to be contained therein for a Foreign Company shall not be applicable for issue of prospectus of/ for
Any process, notice, or other document required to be served on a foreign company shall be deemed to be sufficiently served under section 383
XYZ Ltd., a Foreign Company contravened the provisions of chapter on ‘Company Registered outside India’ and they seek to know the consequences of the same.
OakTree Software Limited, incorporated in Singapore, deals in development and distribution of software and related services. On establishing a place of business in India at Chennai, Tamil Nadu, the company prepared the following documents for submission to the Registrar having appropriate jurisdiction:
1 A certified true copy of the company’s constitution originally framed in English.
2. Full address of the registered office of the company.
3. A list of the Directors and Secretary of the company containing the prescribed particulars.
4. The names and addresses of three persons resident in India authorised to accept on behalf of the company service of process and any notices or other documents required to be served on the company.
5. Full address of the office of the company in Chennai, Tamil Nadu. This office is deemed to be its principal place of business in India.
6. A signed declaration that none of the Directors of the company had ever been convicted or debarred from formation of companies and management in India or abroad.
7. A declaration that OakTree Software Limited was establishing a place of business in India for the first time and therefore, no particulars were available as regards opening and closing of a place of business in India on earlier occasions.
Following are the names of Directors and Company Secretary:
Directors
1. Mr. Bob
2. Mr. Thomas
3. Mr. Sumedh Soni
4. Mr. Anuj Subhash
5. Mrs. Alka Rege
6. Mrs. Vandana Vinit
7. Mr. Anvay Harshe
8. Mr. Ashok Tripathi
9. Mr. Ashish Tyagi
Company Secretary
Mr. Vipul Shah
Mr. Sumedh Soni had business interests in London. He left India for London on 1st September, 2020 for the purpose of looking after his business. He came back to India on 2nd December, 2020 to spend some time with his parents and left India on 5th February, 2021 and went back to London for carrying on his business on a large scale. He again visited India on 5th March, 2021 for attending certain meetings relating to his business and exploring other business opportunities which would enhance his marketing business in London and stayed in India till 15thNovember, 2021. He was not at all interested in the software business of OakTree Software Limited and due to his non-availability he had serious management disputes. Accordingly, he was prevailed upon by the other Directors to resign from his Directorship in OakTree and in his place Mr. Somnath was appointed as Director.
Later on, Mr. Somnath was designated as Managing Director of OakTree. Accordingly, the documents sent earlier to the office of the Registrar of Companies were altered. Mr. Somnath is responsible for gathering business opportunities so that software business of OakTree gets flourished. He often travels abroad for business purpose. The entire team of OakTree is putting its best efforts to scale up the business operations in Singapore, India and other prominent countries.
Multiple Choice Questions
1 Which one of the following options specifies the applicable Form and time period within which the OakTree Software Limited is required to submit the prescribed documents to the Jurisdictional Registrar of Companies on establishment of its place of business in Chennai, Tamil Nadu:
Suppose OakTree Software Limited after establishment of a place of business in Chennai, Tamil Nadu fails to deliver the required documents to the jurisdictional Registrar of Companies within the prescribed time. From the following options, choose the one which is applicable in the given situation:
The case scenario states that there was change in Directorship with the appointment of Mr. Somnath in place of Mr. Sumedh Soni. Which one of the following options correctly specifies the Form and time period within which OakTree Software Limited is required to intimate the jurisdictional Registrar in respect of such alteration in the documents filed earlier:
Mr. Somnath, Managing Director of OakTree Software Limited is desirous of remitting USD 1,00,000 to his son Abhishek who is studying at OHIO University to meet expenses relating to his studies and maintenance at Athens, USA. From the following options, choose the one which is applicable in the current situation:
Considering the relevant provisions of the Foreign Exchange Management Act, 1999, which of the following options correctly determines the residential status of Mr. Sumedh Soni for the FY 2022-23.
Parfum International SA, founded by Charlotte and Charles in Nice, France, is a key player in the perfume industry since 1980. Dealing in perfumes, fragrances, colognes, incenses, etc., its products are considered as a scent of energy, liveliness and happiness. The classic bottles containing the admirable products of the company signify personal luxury and are a welcome addition to any dressing table. The fragrances comprise notes of bergamot, lemon, jasmine, patchouli, vetiver, opoponax, sandalwood and ambergris. Parfum International SA has an extensive distribution network consisting of subsidiaries and joint ventures. Its products are sold world over occupying space in 25 countries. The perfumes are very successful in Europe, Asia, Middle East and in North and South America. A market survey conducted by Parfum International SA in India astonishingly revealed that the company was missing a vital market of the world. In order to make its presence felt in India, Parfum International SA decided to open its first business outlet in Bandra East, Mumbai, by investing around 5.00 crores. Ratnesh Shah was appointed as company secretary of the company to look after legal and secretarial matters. Under the supervision of Ratnesh Shah, various documents were prepared for submission to the jurisdictional Registrar of Companies. These documents included a certified copy of the Charter of the company defining its constitution, a list of the directors and secretary of the company containing the prescribed particulars, names and addresses of two persons resident in India who were authorised to accept on behalf of the company service of process and any notices or other documents required to be served on the company, full address of its principal place of business in India, a declaration which stated that none of the directors of the company or the authorised representative in India had ever been convicted or debarred from formation of companies and management in India or abroad, etc. Since the Charter of the company was in French language, it was translated into English for the purpose of filing. As regards particulars of opening and closing of a place of business in India on earlier occasions, a ‘Nil’ statement was prepared for submission since Parfum International SA was opening its very first outlet in Mumbai.
Further to this, a signboard exhibiting the name of the company i.e. Parfum International SA and the name of the country of its incorporation i.e. France, in French and also in Marathi was prepared for hanging outside the business outlet in Bandra East.
Various documents, as prepared under the guidance of Ratnesh Shah, were duly filed with the Registrar of Companies. It is obligatory on the part of Parfum International SA to make out every calendar a balance sheet and profit and loss account of its Indian business operations in the prescribed form containing prescribed particulars and annexing thereto specified documents. The company is also required to prepare and file its Annual Return in the prescribed form containing the particulars as they stood on the close of the financial year.
As per the plans of the company, during next three years, it will open at least 10 outlets in major cities of the country like Delhi, Bangalore, Kolkata, Chandigarh, Lucknow, etc.
Multiple Choice Questions
According to the case scenario, Parfum International SA, incorporated in France, established its first business outlet in Bandra East, Mumbai and exhibited on the signboard its name and the name of the country of its incorporation in French and Marathi. From the following options, choose the one which indicates the correct combination of languages to be used by the company to display its name and name of the country of its incorporation:
\within how much time, Parfum International SA, after establishing its business outlet in Mumbai, is required to file various documents with the jurisdictional Registrar of Companies? Select the correct answer from the following options:
According to the case scenario, it is obligatory on the part of Parfum International SA to make out every calendar a balance sheet and profit and loss account of its Indian business operations in the prescribed form containing prescribed particulars and annexing thereto specified documents. Out of the four options given below, which one is applicable for making out a balance sheet and profit and loss account of its Indian business operations:
within how much time, Parfum International SA is required to file its Annual Return with the jurisdictional Registrar of Companies? Choose the correct option from those stated below: