Overseas investment by registered trusts and societies permitted with prior Reserve Bank approval subject to compliance criteria. Definitions for Trust and Society are inserted and Regulation 9A permits registered trusts and societies in the manufacturing, educational (and entities with hospitals) sectors to invest overseas in joint ventures or wholly owned subsidiaries in the same sector(s) with prior Reserve Bank approval. Schedule III sets criteria: registration, governing instrument and trustee/governing body approval, Authorised Dealer bank confirmation of KYC and bonafide activity, minimum three years' existence, no adverse enforcement notice, and required special licences where applicable. Regulation 11's proviso is amended to refer to the 'prescribed period of realization.'
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.
Overseas investment by registered trusts and societies permitted with prior Reserve Bank approval subject to compliance criteria.
Definitions for Trust and Society are inserted and Regulation 9A permits registered trusts and societies in the manufacturing, educational (and entities with hospitals) sectors to invest overseas in joint ventures or wholly owned subsidiaries in the same sector(s) with prior Reserve Bank approval. Schedule III sets criteria: registration, governing instrument and trustee/governing body approval, Authorised Dealer bank confirmation of KYC and bonafide activity, minimum three years' existence, no adverse enforcement notice, and required special licences where applicable. Regulation 11's proviso is amended to refer to the "prescribed period of realization."
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