TMI BlogCompanies (Issue of Indian Depository Receipts) (Amendment) Rules, 2009 - Amendments in rules 3, 5, 6, 7, 9, 10, 11 and in ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... n Depository 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 banking company which is established in a country outside India and which acts as custodi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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; (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 disclo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 (A) the financial affairs of the Issuing Company, in particular on the profits and losses for each of the three financial years immediately preceding the date of prospectus and upon the assets and liabilities of the Issuing Company and (B) the financial status of the company for the period between the last date of the period for which the latest financial statements are made and the date of prospectus. (iii) In case of both sub-paragraphs (i) and (ii) of this paragraph, the gap between date of opening of iss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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