Property Development Software Is There Any Moonlighting Law In India Which Prevents One To Own A Software Company While Working For Another?

Is there any moonlighting law in India which prevents one to own a software company while working for another? - property development software

I have an offer for a company develops software products to connect. I was thiking to incorporate a company in India and one of the administrators. This new company is in a different domain (Web 2.0 technology - SoCal networking, job search, training, etc.) that the company offered me the position.

I wonder whether there are laws in India that I prevent the formation of the company and the shareholders are.

How do I notify the employer? Do I need a written authorization from them? Are there any other intellectual property issues that need to worry? In my case, it would be no conflict of interest or competition between my company and my future employer.

Comments?