Is there any capital gains implication in transfer of shares & NRI restrictions?


I had invested in a private limited company at the time of incorporation (incorporated in March 2016). The valuation of the company has increased since my investment, and they have raised more capital by issuing shares and warrants to more investors. I intend to give back some of my shares at cost and not at the current Fair Market Value to the directors. When I invested, I was in India, but I moved to Singapore in April 2017.

  1. Is there any capital gains implication even if I transfer shares to the company directors at the cost - without any profit but below Fair Market Value?
  2. Is there any restriction on the sale of shares in Private Limited company held by an NRI? Will I be considered an NRI?