India:
Ministry Of Corporate Affairs Notifies (Issue Of Global Depository Receipts) Amendment Rules, 2020
28 February 2020
Lex Favios
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- The Ministry of Corporate Affairs
(MCA) has notified the Companies (Issue of Global Depository
Receipts) Rules, 2020 vide notification dated 13th February 2020 in
Gazette of India.
- New proviso in rule 7 has been
inserted which states that the proceeds of issue of depositories
receipts may be remitted in an IFSC banking unit and utilized in
accordance with the instructions issued by the EBI on time to
time.
- The notification has come into force
from the date of notification i.e 13th February 2020
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