Equity definition in ECB liability-to-equity ratio excludes non-convertible preference capital for external commercial borrowings treatment, per FEMA guidance. Equity for the purpose of the ECB liability-to-equity ratio excludes non-convertible preference capital, as clarified in FEMA guidance on External Commercial Borrowings and Trade Credits.
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Provisions expressly mentioned in the judgment/order text.
Equity definition in ECB liability-to-equity ratio excludes non-convertible preference capital for external commercial borrowings treatment, per FEMA guidance.
Equity for the purpose of the ECB liability-to-equity ratio excludes non-convertible preference capital, as clarified in FEMA guidance on External Commercial Borrowings and Trade Credits.
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