X is an individual, non-Indian, non-citizen and non-resident of India and controls a group of organizations engaged in the financial sector located outside India. He intends to set up a life insurance company in India an

(vi) The quantum of preference capital will have to be reworked by both the partners of the proposed company to comply with the requirements of the capital structure as stipulated by the law as it is more than 25% of the equity capital. Based on the above, the proposed company of X and the Indian partner need to review the proposal and rework the whole proposal and arrive at a new joint venture agreement to proceed further with IRDAI to get the certificate of registration.