Rule 10 - Procedure for transfer and redemption. - Companies (Issue of Indian Depository Receipts) Rules, 2004

Procedure for transfer and redemption. 10. 1 [ (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 other law for the time being in force. ] (ii) In case of redemption, Domestic Depository shall request the Overseas Custodian Bank to get the corresponding underlying equity shares released in favour of the Indian resident for being sold directly on behalf of Indian resident, or being transferred in the books of issuing company in the name of Indian resident and a copy of such request shall be sent to the issuing company for information. (iii) A holder of IDRs may, at any time, nominate a person to whom his IDRs shall vest in the event of his death and Form No. 1 annexed to these rules may be used for this purpose. ------------------------ Notes:- 1. Substituted vide Notification No. F. No. 5/55/2011-CL-V, dated 01.10.2012 , before it was read as:- (i) A resident holder of IDRs may transfer the IDRs or may ask the Domestic Depository to redeem these IDRs, subject to the provisions of the Foreign Exchange Management Act, 1999 and other laws for the time being in force.