Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2005

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....ICE MUMBAI 400 001 Notification No.FEMA.132/2005-RB dated March 31, 2005 In exercise of the powers conferred by clause (a) of sub-section (3) of Section 6, and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in partial modification of its Notification No.FEMA.120/RB-2004 dated 7th July 2004 the Reserve Bank of India makes the following amendments....

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.... foreign equity holding, either directly or indirectly, is not less than 51 per cent, may purchase the equity shares offered by the said foreign company. Explanation For the purpose of this clause, 'indirectly' means indirect foreign equity holding through a special purpose vehicle or a step down subsidiary.' (ii) In Regulation 24, sub-regulation (3), shall be substituted with the followi....