Case Study
About the Client:
- The Company is part of one of the largest Italian private sector groups engaged in infrastructure and industrial work. The Company operates in aerospace, automotive, electronic engineering with an expertise in the integrated logistical support.
Client Need:
- The client had established a wholly owned subsidiary in collaboration with an Indian partner to cater to the engineering & design requirements of the parent company. However, due to the Indian partner’s exit and high employee turnover, the Indian business slowed down and the client decided to close operations in India.
Our Approach:
- Advised the parent company on the closure process and initiated the same.
- Managed the entire process of the sale of the company’s office at Mumbai to another buyer including being the authorized signatory, liaising with lawyers and commercial premise and government officials.
- Project managed the accounting, audit and all statutory compliance requirements to ensure that there were no open ends/defaults that might hinder the closure of the company.
- Assisted the company to manage the exit of the existing employees.
- Advised the company on the remittance of funds from India.