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TMI BlogCompanies (Issue of Indian Depository Receipts) (Amendment) Rules, 2007 - Amendment in rules 6, 7, 11 and Schedule; substitution of rules 4, 5 and 13X X X X Extracts X X X X X X X X Extracts X X X X ..... by 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, 2007; (2) They shall come into force from the date of their notification in the Official Gazette. 2. In the Companies (Issue of Indian Depository Receipts) Rules, 2004, hereinafter referred to as the principal rules, for rule 4, the following shall be substituted, namely:-- "4. Without prejudice to the provisions of the Securities and Exchange Board of India Act, 1992, an issuing company shall not issue IDRs unless it satisfies the following conditions, namely:-- (a) its pre-issue paid-up capital and free reserves ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the date of submission of application or draft prospectus or letter of offer, SEBI specifies any changes to be made in the draft prospectus or letter of offer, the prospectus or letter of offer shall not be filed with the SEBI or Registrar of Companies unless such changes have been incorporated therein; (iv) The issuing company shall also file with SEBI, through a merchant banker, a due diligence report along with draft prospectus or letter of offer in the form specified by SEBI; (v) The issuing company shall on approval being granted by SEBI to an application under clause (ii), pay to SEBI an issue fee of half a per cent of the issue value subject to a minimum of Rs. 10 lakh where the issue is up to Rs. 100 crore in Indian rupees : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... copy of approval granted by SEBI and the statement of fees paid by the Issuing Company to SEBI shall also be attached." 4. In the principal rules, in rule 6, for sub-rule (iii) the following shall be substituted, namely:-- "(iii) The number of underlying equity shares offered in a financial year through IDR offerings shall not exceed 25 per cent of the post issue number of equity shares of the company." 5. In the principal rules, in rule 7, in sub-rule (ii), after the word "Registrar", the words "of Companies, New Delhi" shall be inserted. 6. In the principal rules, in rule 11, for sub-rule (ii) the following shall be substituted, namely:-- "(ii) The quarterly audited results or unaudited results subjected to limited review by the au ..... X X X X Extracts X X X X X X X X Extracts X X X X
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