Issue of Foreign Currency Convertible Bonds (FCCBs) and Foreign Currency Bonds (FCBs) - Clarification regarding applicability of provisions of Chapter III of the Companies Act, 2013.
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Foreign Currency Bonds exemption: Chapter III not applicable when issued exclusively to non residents under Scheme and RBI regulations. Where an Indian company issues Foreign Currency Convertible Bonds (FCCBs) or Foreign Currency Bonds (FCBs) exclusively to persons resident outside India in accordance with the Scheme of 1993 and applicable Reserve Bank of India directions/regulations, the provisions of Chapter III of the Companies Act, 2013 shall not apply to such an issue unless the Scheme or RBI directions/regulations otherwise provide.
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.
Foreign Currency Bonds exemption: Chapter III not applicable when issued exclusively to non residents under Scheme and RBI regulations.
Where an Indian company issues Foreign Currency Convertible Bonds (FCCBs) or Foreign Currency Bonds (FCBs) exclusively to persons resident outside India in accordance with the Scheme of 1993 and applicable Reserve Bank of India directions/regulations, the provisions of Chapter III of the Companies Act, 2013 shall not apply to such an issue unless the Scheme or RBI directions/regulations otherwise provide.
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