Eligibility for Global Depository Receipts expanded to include knowledge-based sector companies for employee-focused share issuances. Amendment permits Indian companies in specified knowledge-based sectors to issue Global Depository Receipts against ordinary shares to non-resident and resident permanent employees (including working directors) and to subsidiaries, provided eighty percent of turnover in the three preceding financial years is from those sectors or, for diversified companies, an alternative export-earnings eligibility threshold is met, subject to government-prescribed eligibility conditions and operational guidelines.
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.
Eligibility for Global Depository Receipts expanded to include knowledge-based sector companies for employee-focused share issuances.
Amendment permits Indian companies in specified knowledge-based sectors to issue Global Depository Receipts against ordinary shares to non-resident and resident permanent employees (including working directors) and to subsidiaries, provided eighty percent of turnover in the three preceding financial years is from those sectors or, for diversified companies, an alternative export-earnings eligibility threshold is met, subject to government-prescribed eligibility conditions and operational guidelines.
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