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Article Published in the Express Magazine Dated
October 13, 2002
General Attorney : Rajiv K. Luthra
My car was stolen and I lodged an FIR on June
14, 2002. The car was found abandoned. The police
now tell me it will be given to me on superdari.
What is superdari? How long does that last? Can I
sell my car under superdari?
Vinay Bhatia
According to Section 451 of the Code of Criminal
Procedure, 1973, (Act) when any property is
produced before any criminal court, it may make
such order as it thinks fit for any proper custody
of such property, pending the conclusion of the
inquiry or trial. Superdari is an expression for
releasing property involved in a criminal case to
a person. Since the property is deemed to be case
property, the person having superdari rights may
be required to produce it before the court on
order. Until the property remains case property,
you have no absolute rights on your car and you
cannot dispose it off without permission of the
court.
Under Section 452 of the Act upon the conclusion
of the inquiry or trial in the case, the court may
make such order as it thinks fit for the disposal,
by destruction, confiscation or delivery to any
person claiming to be entitled to possession
thereof. For obtaining permission to sell the car
under superdari you will have to file an
appropriate application to the court, seeking
permission to dispose off the car.
Some foreigners with proper business proposals
want to invest big sums of money in India and want
details on my company profile and bank details
etc. Should I provide details of my personal bank
account and get the money transferred therein?
What are the right ways of transferring money from
abroad to my account or company account? They are
not NRIs, nor am I.
P Bhat
If these foreigners want to invest money, you may
make sure that the same is only used for investing
in the shares of the Indian Company.
The Ministry of Commerce and Industry issues the
policy guidelines for foreign investment in India
and these are modified from time to time. The
Foreign Exchange Management (Transfer of Security
by a Person Resident outside India) Regulation,
2000 issued by the Reserve Bank of India (RBI),
under Foreign Exchange Management Act (FEMA), also
governs such investments.
Foreign investment in India is allowed through two
routes: the Automatic Route and by Government
Approval.
Automatic route is one, where no approval from the
Foreign Investment Promotion Board/RBI is required
for making the investment. While in certain
sectors under the automatic route, foreign
investments upto 100% is permitted, in others
there is a prescribed percentage ceiling.
Government approval is necessary for - all
proposals that require an Industrial License;
which includes (i) item requiring an Industrial
Licence under the Industries (Development and
Regulation) Act, 1951; (ii) foreign investment
being more than 24% in the equity capital of units
manufacturing items reserved for small scale
industries; and (iii) all items which require an
Industrial Licence in terms of the locational
policy notified by Government under the New
Industrial Policy of 1991; all proposals in which
the foreign collaborator has a previous
venture/tie-up in India in same or allied field
(this, however, shall not apply to investment made
in the IT sector); all proposals relating to
acquisition of shares in an existing Indian
company in favour of a foreign investor; and all
proposals falling outside notified sectoral
policy/caps or under sectors in which FDI is not
permitted.
Since it is not known from your query, which
sector you would be venturing into with your
foreign collaborators, it is recommended that you
take appropriate legal guidance before permitting
any transfer of funds in your company account.
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