Dear Sir,
Sub.: Regarding Merger of ACPL Exports Thailand with ACPL Exports Pvt. Ltd., India
( ACPL Exports Pvt Ltd India is a holding company of Exports Thailand Ltd holding 99 % shares in ACPL Exports Thailand Ltd)
Our query about the above unit is:
ACPL Exports Thailand, a Company incorporated under the Provisions of Thailand State, is engaged in the business of Trading of Silver Jewellery.
99% share holding of the above Company (ACPL Exports, Thailand) is held by ACPL Exports Pvt. Ltd., India and
( balance 1 % is held by two Directors Mr Ajit Bhargava and Mr Sidharth Gupta )
Now we wish to close the business at Thailand and to get merged the above subsidiary company with the Indian holding Company.
The Balance Sheet of the Thailand Company,
we have only Share Capital, Unsecured Loans taken from Indian individuals, who are also directors in ACPL Exports Pvt. Limited,
India and business loss exceeding the total investment made till date .
Please advice us whether the Thailand Laws permit the above merger as explained. (As per Indian laws, the above merger is allowed)
What will be the Tax Implications as per the Thai Laws in this case?
Can we set off the above business loss (of Thailand Unit) after merger with the profits of Indian Company (ACPL Exports Pvt. Ltd., India).
PLease inform if you require any other information / details pertaining to the above said query.