Can a person of indian origin, presently a foreign national subscribe to the memorandum and articles?

Question

can a person of indian origin / NRI be a promoter of a company, and whether are there any provision unde FEMA which deal with it and which specific provisions deal with it?

Answer 1

do u want to be part of the articles and memorandum of association in india or in that foreign country?????if in india yes u can provided u will be registered as a nri and if abroad u will have to consult the local corporate authority.

Answer 2

Isnt lakshmi N mittal an NRI. Isn't Swaraj Paul and NRI. If an NRI cannot promote a company in India, why should TATAs and Reliances be pissing in their pants. Throw the book learned idiot. Most things happen backdoors. Indias gonna become truly global, with or without resident Indians. Haven't you seem the first batch of 28 Enginnering graudates from US who have landed in Infosys for training and redployment all over the world. In yet another 2 years India Rupees is going to become fully convertible. You can buy dollars and Euros just like that, no need for declarations, FEMA, etc.