Conditions for issue of depository receipts

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..... (2) The company shall take prior approval of its shareholders by a special resolution to be passed at a general meeting: Provided that a special resolution passed under section 62 for issue of shares underlying the depository receipts, shall be deemed to be a special resolution for the purpose of section 41 as well. (3) The depository receipts shall be issued by an overseas depository .....

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..... ors of the company or of the committee of the Board of directors authorised by the Board in this regard to be held immediately after closure of all formalities of the issue of depository receipts: Provided that the committee of the Board of directors referred to above shall have at least one independent director in case the company is required to have independent directors. - - statute, sta .....

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