Companies (Issue of Indian Depository Receipts) Amendment Rules, 2012

Posted: 11/10/2012 in MCA, Notifications
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Notification, dated 01.10.2012

[F. No. 5/55/2011-CL-V]

G.S.R. …………(E).- In exercise of powers conferred by clause (a) of sub-section (1) of Section 642 read with Section 605 A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules, further to amend the Companies (Issue of Indian Depository Receipts) Rules, 2004 namely:-

1. (1) These rules may be called the Companies (Issue of Indian Depository Receipts) Amendment Rules, 2012.

     (2) They shall come into force from the date of publication in the Official Gazette.

2. In the Companies (Issue of Indian Depository Receipts) Rules, 2004, in rule 10, for sub-rule (i), the following sub-rule shall be substituted, namely;-

“(i) A holder of IDRs may transfer the IDRs, may ask the domestic depository to redeem them or, any person may seek reissuance of IDRs by conversion of underlying equity shares, subject to the provisions of the Foreign Exchange Management Act, 1999, Securities and Exchange Board of India Act, 1992, or the rules, regulations or guidelines issued under these Acts, or the other law for the time being in force.”

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Click here to download the complete text of the above Notification in PDF Format- GSR (E) dated 01.10.2012.

Source: Ministry of Corporate Affairs.

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