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of <h1>Amendment to Indian Depository Receipts Rules: Changes in Clauses, Residency Terms, and SEBI Compliance Under Companies Act, 1956.</h1> The Companies (Issue of Indian Depository Receipts) (Amendment) Rules, 2009, amend the original 2004 rules under the Companies Act, 1956. Key changes include the deletion and renumbering of certain clauses in rule 3, modifications in rule 5 regarding the omission of 'draft letter of offer' and 'letter of offer,' and adjustments in rules 6, 7, and 9 concerning procedural and definitional aspects. Rule 10 and 11 updates focus on residency terms and compliance with SEBI disclosure requirements. Amendments in the Schedule address statutory audit requirements for issuing companies, with specific provisions for foreign banks and entities not mandating annual audits.
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