TMI BlogDirect Listing of Equity Shares of Companies Incorporated in India on International Exchanges SchemeX X X X Extracts X X X X X X X X Extracts X X X X ..... of equity shares of existing shareholders shall be subject to prohibited activities, and sectoral caps prescribed in paragraph 2 and 3 of Schedule I to these rules; (iii) such equity shares to be issued by the public Indian company or offered by its existing shareholders on an International Exchange shall be in dematerialised form and rank pari passu with equity shares listed on a recognised stock exchange in India: Provided that the prior Government approval, wherever applicable, shall be obtained. 2. Permissible holder .- (a) permissible holder means a holder of equity shares of the Company which are listed on International Exchange, including its beneficial owner: Provided that such a holder who is a citizen of a country ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a promoter or director of any other Indian company which is debarred from accessing the capital market by the appropriate regulator; (c) the public Indian company or any of its promoters or directors is not a wilful defaulter; (d) the public Indian company is not under inspection or investigation under the provisions of the Companies Act, 2013 (18 of 2013); (e) none of its promoters or directors is a fugitive economic offender. (ii) Existing holders of the public Indian company shall be eligible to offer shares, if- (a) the public Indian company or the holder offering equity shares are not debarred from accessing the capital market by the appropriate regulator; (b) none of the promoters or directors of the public Indian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere debarred in the past by the Government or the appropriate regulator and the period of debarment is already over as on the date of listing of its equity shares on the International Exchange(s). 4. Obligations of companies .- (1) The public Indian company shall ensure compliance with extant laws relating to issuance of equity shares, including requirements prescribed in this Scheme, the Securities Contracts (Regulation) Act,1956 (42 of 1956), the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Depositories Act, 1996 (22 of 1996), the Foreign Exchange Management Act,1999(42 of 1999), the Prevention of Money-laundering Act, 2002 (15 of 2003) or the Companies Act, 2013 (18 of 2013) and rules and regulations made there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Foreign Exchange Management Act, 1999(42 of 1999): Provided that subsequent issuance or transfer of shares for the purpose of listing additional shares post initial listing would be based on applicable pricing norms of the International Exchange and the permissible jurisdiction. Explanation.- For the purposes of this Scheme- (a) appropriate regulator means any financial sector regulator or Government Ministry or Department administering Acts applicable to the company, listed or unlisted; (b) beneficial owner shall have the same meaning as provided in proviso to sub-rule (1) of rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005; (c) foreign depository means a corporate entity registered ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
