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June 10, 2010

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Checklist for Form FC_GPR  
S.No ParticularsStatus
1. Check whether Company is allowed to raise FDI under Automatic Route.
2. Check if FDI is not allowed under Automatic Route, FIPB approval has been obtained.
3. Check if the FDI is within the allowed Automatic Route Cap.
4. Check whether the terms and conditions of Govt. Approval if any are complied with.
5. Check whether the applicable pricing guidelines are followed.
6. Check whether the FDI has come through:- • By inward remittance through normal banking channels; or • By debit to NRE/FCNR account of the person concerned maintained with an authorized dealer.
7. Check Whether FIRC copies have been received.
8. Check Whether FDI report and KYC report has been filed within 30 days of receipt of amount.
9. Check whether the Dividend Rate on Preference Share does not exceed 300 basis point above prevailing SBI Lending rate.
10. Check whether only Equity Shares / Compulsorily Convertible Preference Shares / Compulsorily Convertible Debentures are being issued?
11. Check whether Shares are being allotted to OCB , if so OCB is on negative list of RBI, whether prior permission of RBI / FIPB as the case may be is taken for issue of shares to OCB.
12. Check whether FC-GPR is being filed within 30 days of issue of Shares.
13. Check whether Shares are issued within 180 days of receipt of remittance. If not is rbi prior approval taken or offence has been compounded.
14. Check whether CA certificate is attached to FC-GPR.
15. In case of Rights Issue ensure that:- • The offer on right basis does not result in increase in the percentage of foreign equity already approved, or permissible under the Foreign Direct Investment Scheme in terms of FEMA20/2000; • The shares or debentures against which shares or debentures are issued by the company on right basis were acquired and are held by the person resident outside India in accordance with FEMA 20/2000; • The offer on right basis to the persons resident outside India is at a price which is not lower than that at which the offer is made to resident shareholders.
16. In case of Issue and acquisition of shares after merger or de-merger or amalgamation, ensure that: a) the percentage of shareholding of persons resident outside India in the transferee or new company does not exceed the percentage specified in the approval granted by the Central Government or the Reserve Bank, or specified in FEMA 20/2000:- Provided that where the percentage is likely to exceed the percentage specified in the approval or the FEMA 20/2000, the transferor company or the transferee or new company may, after obtaining an approval from the Central Government, apply to the Reserve Bank for its approval under FEMA 20/2000. b) the transferor company or the transferee or new company shall not engage in agriculture, plantation or real estate business or trading in TDRs; and c) the transferee or the new company has filed a report within 30 days with the Reserve Bank giving full details of the shares held by persons resident outside India in the transferor and the transferee or the new company, before and after the merger/amalgamation/reconstruction, and also furnishes a confirmation that all the terms and conditions stipulated in the scheme approved by the Court have been complied with.
17. Check whether the Company is SSI and whether FDI is less than 24% of the paid up capital of the Company.
18. Check whether Company is required to comply with Section 81 of CA, 1956 and Unlisted Companies Preferential Allotment Rules, 2003, if yes, have they been complied with. In case of Bonus issue check whether Articles of Association provides for capitalization of Reserve and whether General Meeting resolution is obtained.
19. For ESOP’s etc., check whether CA, 1956 and the Rules made there under have been compiled by the Unlisted Company.
20. In case of ECB conversion case, check Terms and Conditions governing issuance of bond vis –a-vis issue of Shares on conversions are complied and see the approval of the RBI in case ECB was under approval route.
21. In case of Debenture Issue check if Articles allow issue of Debentures.
22. For issue of shares arising out of Amalgamation or Demerger See the High Court Order and High Court Certified copy of the Scheme of Arrangement.
23. Check Whether Board Resolution allotting Shares has been passed.
24. Check whether Form 2 is filed allotting Shares with the MCA.
25. Check whether relevant Share Certificates have been issued and Register of Members is updated
Note:-   1. Please mention the NIC Code in the form FC_GPR Correctly. 2. Attach the duly certified copy of KYC report by the authorised dealer to the form FC_GPR. 3. Strike off the declaration in the form FC_GPR properly. 4. Ensure that every page of the form FC_GPR is signed and stamped.
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