Annual Performance Report compliance required for overseas investments-declaration by investor and auditors' certification now mandated. Form ODI Part I is amended to require the Indian party to declare and the statutory auditors to certify that, where applicable, the Annual Performance Report for all existing JV/WOS abroad has been submitted, as a condition for undertaking overseas direct investment under the Automatic Route; this complements existing auditor certifications on investment eligibility, funding limits, valuation norms, ECB/FCCB applicability and regulatory approvals for financial services investments.
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Provisions expressly mentioned in the judgment/order text.
Annual Performance Report compliance required for overseas investments-declaration by investor and auditors' certification now mandated.
Form ODI Part I is amended to require the Indian party to declare and the statutory auditors to certify that, where applicable, the Annual Performance Report for all existing JV/WOS abroad has been submitted, as a condition for undertaking overseas direct investment under the Automatic Route; this complements existing auditor certifications on investment eligibility, funding limits, valuation norms, ECB/FCCB applicability and regulatory approvals for financial services investments.
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