TMI BlogCompanies (Issue of Global Depository Receipts) Rules, 2014.X X X X Extracts X X X X X X X X Extracts X X X X ..... to force on the date of publication of this notification in the Official Gazette. 2. Definitions. (1) In these Rules, unless the context otherwise requires, - (a) Act means the Companies Act, 2013 (18 of 2013) ; (b) Section means section of the Act ; (c) Scheme means the Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 or any modification or re-enactment thereof; (2) Words and expressions occurring in these rules shall bear the same meaning as in the Act and the Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 or any modification or re-enactment thereof. 3. Eligibility to issue depository receipts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary, as the case may be, shall be placed at the meeting of the Board of Directors 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. 5. Manner and form of depository receipts. - (1) The depository receipts can be issued by way of public offering or private placement or in any other manner prevalent abroad and may be listed or traded in an overseas listing or trading platform. (2) The depository receipts may be iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Depository Receipts, the proceeds of the sale shall be credited to the respective bank account of the shareholders. 8. Depository receipts prior to commencement. - (1) A company which has issued depository receipts prior to commencement of these rules shall comply with the requirements under this rule within six months of such commencement. (2) Any issue of depository receipts after six months of commencement of these rules shall be in accordance with the requirements of these rules. 9. Non applicability of certain provisions of the Act. - (1) The provisions of the Act and any rules issued thereunder insofar as they relate to public issue of shares or debentures shall not apply to issue of depository receipts abroad. (2) Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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