Companies (Issue of Indian Depository Receipts) (Amendment) Rules, 2009 - Amendments in rules 3, 5, 6, 7, 9, 10, 11 and in Schedule

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....epository Receipts) Rules, 2004, namely :- 1. (1) 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 banki....

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....;    (a) for the words, figures and bracket "in clause (iii) of rule 5", the words, figures and bracket "in clause (iv) of sub-rule (2) of rule 5" shall be substituted;      (b) the following proviso shall be added :- "Provided that the IDRs issued by an issuing company may be purchased, possessed and transferred by a person other than a 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;      (....

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....y a Central Bank which, in turn, is a member of Bank for International Settlements, the requirement under this paragraph, in respect of period beginning with last date of period for which the latest audited financial statements are made and the date of prospectus shall be satisfied, if the relevant financial statements are based on limited review report of such statutory auditor.      (ii) Where the law of the country, in which the Issuing company is incorporated, does not require annual statutory audit of the accounts of the Issuing company, a report, in such form as may be specified by SEBI, certified by a Chartered Accountant in practice within the terms and meaning of the Chartered Accountant Act, 1949 on- &nbs....