Rupee bond issuance to overseas investors regulated under the ECB framework, exempting specified Companies Act provisions. Issuance of rupee denominated bonds exclusively to persons resident outside India is regulated under the external commercial borrowing framework and sectoral regulations; accordingly, the provisions of Chapter III of the Companies Act, 2013 and rule 18 of the Companies (Share Capital and Debenture) Rules, 2014 do not apply to such issuances unless otherwise provided in RBI circulars, directions or regulations, and necessary changes to the Rules are being made.