TMI BlogGeneral Permission for Acquisition of foreign securities as qualification / rights sharesX X X X Extracts X X X X X X X X Extracts X X X X ..... ion / rights shares (1) A person resident in India being an individual may 2 [(a) acquire foreign security as qualification shares issued by an entity incorporated outside India for holding the post of a director in the entity provided that: (i) the extent of acquiring the qualification shares is as per the law of the host country where the entity is located and (ii) the lim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s stipulated by RBI from time to time. (ii) the shares so acquired do not exceed 5% of the paid-up capital of the Joint Venture or Wholly Owned Subsidiary outside India, and (iii) after allotment of such shares, the percentage of shares held by the Indian promoter company, together with shares allotted to its employees is not less than the percentage of shares held by the Indian promoter com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l be governed by the guidelines issued by the Government of India for issue of ADR/GDR linked stock options. Provided further that the consideration for the purchase does not exceed the ceiling as stipulated by the Reserve Bank from time to time. Explanation : For the purpose of this clause 'knowledge based sector' means such sectors as have been notified by the Government of India ..... X X X X Extracts X X X X X X X X Extracts X X X X
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