Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Sixteenth Amendment) Regulations, 2013 - 292/2013-RB - Foreign Exchange Management
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Group company definition updated: control via voting rights or board appointments now governs overseas security transfers, with retrospective effect. The Regulations insert a definition of Group company into Regulation 2, defining it as two or more enterprises which, directly or indirectly, can either (i) exercise twenty-six per cent or more of voting rights in the other enterprise, or (ii) appoint more than fifty per cent of members of the board of directors of the other enterprise; and state the Regulations are deemed to have come into force from June 3, 2013 with a clarification that no person will be adversely affected by the retrospective effect.
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.
Group company definition updated: control via voting rights or board appointments now governs overseas security transfers, with retrospective effect.
The Regulations insert a definition of Group company into Regulation 2, defining it as two or more enterprises which, directly or indirectly, can either (i) exercise twenty-six per cent or more of voting rights in the other enterprise, or (ii) appoint more than fifty per cent of members of the board of directors of the other enterprise; and state the Regulations are deemed to have come into force from June 3, 2013 with a clarification that no person will be adversely affected by the retrospective effect.
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