https://www.taxtmi.com/notifications?id=22429 Promoters of Indian companies that have raised external commercial borrowings may pledge shares of the borrowing company or its resident associates to secure those ECBs only with prior no objection from a bank authorised dealer. The authorised dealer must ensure compliance with ECB guidelines, an executed loan agreement containing a security clause, and that a Loan Registration Number has been obtained. The pledge must be co terminous with the ECB maturity; transfers on invocation must comply with FDI policy and Reserve Bank directions; and the statutory auditor must certify permitted use of ECB proceeds. en-us Tue, 10 Nov 2009 00:00:00 +0530 Mon, 07 Dec 2009 16:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=22429 Promoters of Indian companies that have raised external commercial borrowings may pledge shares of the borrowing company or its resident associates to secure those ECBs only with prior no objection from a bank authorised dealer. The authorised dealer must ensure compliance with ECB guidelines, an executed loan agreement containing a security clause, and that a Loan Registration Number has been obtained. The pledge must be co terminous with the ECB maturity; transfers on invocation must comply with FDI policy and Reserve Bank directions; and the statutory auditor must certify permitted use of ECB proceeds. Notifications FEMA Tue, 10 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/notifications?id=22429