Relationship between NRI Co In India and his ownership co in USA
Situation : An NRI (US citizen) owns a co. in USA and formed a pvt ltd co in Bangalore with a local resident who is Indian citizen and the NRi owns 70% share. The AOA and MOA and other documents all indicate that the NRI is 70% share holding director and has controlling rights over the Indian co. Question: Can this be considered as a Parent-Subsidiary or Parent-Sister co or what relation can be established between the two companies? I understand the investment of 70% stakes must be made by a copany and not by an individual to establish a relationship with the two cos. Is this correct?
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