9A.11
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Disinvestment/Winding up/Liquidation of foreign concern
Indian participants in overseas JV/WOS are not permitted to sell or transfer or otherwise dispose of, wholly or partly, the shares held by them in such companies without prior approval of Reserve Bank. Proposals for disinvestment, which should be accompanied by a share valuation certificate from a Chartered Accountant justifying the sale price, are generally approved subject to Indian promoter company repatriating all its entitlements/dues including the proceeds of outstanding non-equity exports.