Companies (Issue of Indian Depository Receipts) (Amendment) Rules, 2009 (Amendment of Companies (Issue of IDRs) Rules, 2004)

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... These Rules may be called the Companies (Issue of Indian Depository Receipts) (Amendment) Rules, 2009. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Companies (Issue of Indian Depository Receipts) Rules, 2004, hereinafter referred to as the principal rules, in rule 3, in sub-rule (i), - (A) clause (b) shall be deleted and clauses (c) to (h) shall be renumbered as clauses (b) to (g) respectively. (B) for the renumbered clause (f), the following shall be substituted, namely:- "(f) Overseas Custodian Bank" means a banking company which is established in a country outside India and which acts as custodian for the equity shares of Issuing Company, against which IDRs are propo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....person resident in India if such Issuing Company obtains specific approval from Reserve Bank of India in this regard or complies with any policy or guidelines that may be issued by RBI on the subject matter.". 7. In the principal rules, in rule 10,- (a) in sub-rule (i), the word "resident" shall be omitted; (b) in sub-rule (ii), for the words "Indian resident" wherever occurring, the words "holder of IDRs" shall be substituted. 8. In the principal rules, in rule 11, for sub-rules (i) and (ii), the following rule shall be substituted, namely:- "Every issuing company shall comply with such continuous disclosure requirements as may be specified by SEBI in this regard.". 9. In the principal rules, in the Schedule, in para 6, -....