Escrow account opening by AD Category I banks permitted for non resident corporate open offers, subject to SEBI compliance. AD Category I banks may open Escrow and Special Accounts for non resident corporate acquirers for acquisition/transfer of shares or convertible debentures via open offers, delisting or exit offers without prior Reserve Bank approval, subject to compliance with applicable SEBI regulations (including SAST), the Companies Act, 1956, and the Annex terms; amendments to FEMA (Deposit) Regulations will be notified separately and the directions are issued under Sections 10(4) and 11(1) of the FEMA, 1999.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Escrow account opening by AD Category I banks permitted for non resident corporate open offers, subject to SEBI compliance.
AD Category I banks may open Escrow and Special Accounts for non resident corporate acquirers for acquisition/transfer of shares or convertible debentures via open offers, delisting or exit offers without prior Reserve Bank approval, subject to compliance with applicable SEBI regulations (including SAST), the Companies Act, 1956, and the Annex terms; amendments to FEMA (Deposit) Regulations will be notified separately and the directions are issued under Sections 10(4) and 11(1) of the FEMA, 1999.
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