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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Ninth Amendment) Regulations, 2014. - 308/2014-RB - Foreign Exchange Management

Extract

..... Title & Commencement (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Ninth Amendment) Regulations, 2014. (ii) They shall be deemed to have come into force from the date of the notification. 2. Amendment to Regulation 2 In the principal Regulations, in Regulation 2, (a) In clause (ii), at the end the following shall be added, namely:- “Explanation: The equity shares issued in accordance with the provisions of the Companies Act, as applicable, shall include equity shares that have been partly paid. Preference shares and convertible debentures shall be required to be fully paid, mandatorily and fully convertible.” (b) after clause (xia), th .....

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Ninth Amendment) Regulations, 2014. - 308/2014-RB - Foreign Exchange Management

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..... l be substituted. 4. Amendment to Regulation 6B In the principal Regulations, in Regulation 6B, for the words, “right shares or bonus shares” the words, “right shares or bonus shares or warrants” shall be substituted. 5. Insertion of new Regulation In the principal Regulations, after Regulation 6B, the following shall be inserted, namely: “6C Acquisition of warrants An Indian company may issue warrants to a person resident outside India subject to terms and conditions stipulated by the Reserve Bank in this behalf from time to time.” 6. Amendment to Regulation 9 In the principal Regulations, in Regulation 9, for the words, “shares and convertible debentures”, “shares or debentures” .....

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Ninth Amendment) Regulations, 2014. - 308/2014-RB - Foreign Exchange Management

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..... C, for the words, “shares or convertible debentures” and “share or convertible debentures”, wherever they appear, the words, “shares or convertible debentures or warrants” shall be substituted . 8. Amendment to Schedule 1 In the principal Regulations, in Schedule 1, (a) in the heading , for the words, “equity/preference/convertible preference shares and convertible debentures” the words, “shares or convertible debentures or warrants” shall be substituted ; (b). for the words, “shares or convertible debentures” and “shares” wherever they appear in (a) in sub-paragraph (1) of Paragraph 1, in sub-paragraphs (1), (2), (3) of Paragraph 2, in sub-paragraphs (i) an .....

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Ninth Amendment) Regulations, 2014. - 308/2014-RB - Foreign Exchange Management

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..... ase may be; Provided further that the Reserve Bank, may on application made to it and for sufficient reasons permit an Indian company to refund the amount of consideration received towards issue of security, if such amount of consideration is outstanding beyond a period of 180 days from the date of receipt. Explanation: In case of partly paid equity shares, the period of 180 days shall be reckoned from the date of receipt of each call payment.” (d). In Paragraph 9, i. in sub-paragraph (1) and in clause (A), for the words, “shares or convertible debentures” the words, “shares or convertible debentures or warrants” shall be substituted ; ii. the existing Annex C hereto shall be deleted; iii. in sub-paragraph (1), .....

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Ninth Amendment) Regulations, 2014. - 308/2014-RB - Foreign Exchange Management

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..... / convertible debentures”, wherever they appear, the words, “shares or convertible debentures or warrants” shall be substituted. 11. Amendment to Schedule 4 In the principal Regulations, in Schedule 4, for the words, “shares/ convertible debentures”, “shares or convertible debentures” wherever they appear, the words, “shares or convertible debentures or warrants shall be substituted. (C.D.Srinivasan) Chief General Manager Foot Note:- The Principal Regulations were published in the Official Gazette vide G.S.R. No.406 (E) dated May 8, 2000 in Part II, Section 3, sub-Section (i) and subsequently amended as under:- G.S.R.No. 158(E) dated 02.03.2001 G.S.R.No. 175(E) dated 13.03.2001 G.S.R.No. 182(E .....

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Ninth Amendment) Regulations, 2014. - 308/2014-RB - Foreign Exchange Management

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