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of <h1>Indian Companies Issuing GDRs Must Follow 2014 Rules, Get Board and Shareholder Approval, and Meet Eligibility Criteria</h1> The Companies (Issue of Global Depository Receipts) Rules, 2014, established under the Companies Act, 2013, outline the regulations for Indian companies issuing Global Depository Receipts (GDRs). Companies must be eligible under the Foreign Currency Convertible Bonds and Ordinary Shares Scheme, 1993, and comply with the Foreign Exchange Management Rules. The Board of Directors must authorize the issuance, and shareholder approval via a special resolution is required. GDRs are issued by an overseas depository bank, with underlying shares held by a domestic custodian. Voting rights are granted upon conversion of GDRs into shares. Proceeds can be remitted to Indian or foreign banks. Compliance with these rules is mandatory for new and existing GDR issuances. Certain provisions of the Companies Act related to public issues do not apply to GDRs.
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