Dear Friends,
While issuing shares to NRI and filing FC GPR with RBI, company has to obtain CA Certificate as per CCI Guidelines. What i want to know here is, is there any restriction under any Act (CA 1956 or FEMA or others) which says that the shares shall not b issued at a price lower than the NAV of hte shares as per CA Certi as per CCI Guidelines? Suppose if the sahres issued at Rs. 10/- and the NAV is Rs. 30/-, is there breach of any statutory requirements? Tq.
