Exemption from listing and pricing requirements for issuers taking effective steps, subject to completion by a prescribed deadline. The amendment creates time limited exemptions for GDR and FCCB issuers who had taken verifiable effective steps before the cut off: unlisted companies are exempted from prior or simultaneous listing provided they complete the issue by the completion deadline; listed companies issuing GDRs or FCCBs are exempted from the domestic pricing guidelines if they complete issuance by the same deadline. 'Effective steps' are defined as filing the offering circular, obtaining overseas exchange approval, paying listing fees, or securing RBI approval for issue related expenses; private placements without an offering circular do not qualify.
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.
Exemption from listing and pricing requirements for issuers taking effective steps, subject to completion by a prescribed deadline.
The amendment creates time limited exemptions for GDR and FCCB issuers who had taken verifiable effective steps before the cut off: unlisted companies are exempted from prior or simultaneous listing provided they complete the issue by the completion deadline; listed companies issuing GDRs or FCCBs are exempted from the domestic pricing guidelines if they complete issuance by the same deadline. "Effective steps" are defined as filing the offering circular, obtaining overseas exchange approval, paying listing fees, or securing RBI approval for issue related expenses; private placements without an offering circular do not qualify.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
