This notification, G.S.R. 111(E), issued by the Ministry of Corporate Affairs on February 13, 2020, amends the Companies (Issue of Global Depository Receipts) Rules, 2014. The amendment, enacted under Section 41 read with Section 469 of the Companies Act, 2013, modifies the rules pertaining to Global Depository Receipts (GDRs).
Key changes include:
* **Rule 2 Amendment:** Substitutes "Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993" with "Depository Receipts Scheme, 2014" and defines "overseas depository or overseas depository bank" as "foreign depository" as defined in the Scheme.
* **Rule 5 Amendment:** Modifies sub-rule 1 to state that depository receipts can be issued via public offering, private placement, or any other method prevalent in the relevant jurisdiction, and may be listed or traded on the appropriate platform in that jurisdiction. The word "abroad" is omitted from sub-rule 3.
* **Rule 7 Amendment:** Adds a proviso allowing proceeds from the issuance of depository receipts to be remitted to an International Financial Services Centre (IFSC) Banking Unit (IBU) and utilized according to Reserve Bank of India (RBI) instructions.
* **Rule 9 Amendment:** The word "abroad" is omitted from sub-rule 1.
The principal rules were published under notification G.S.R. 252(E) on March 31, 2014. The order is issued under F. No. 1/2/1/2013-CL.V(Part) and signed by K.V.R. Murty, Joint Secretary.
Key Entities Referenced
Companies Act, 2013: A law enacted by the Parliament of India that regulates incorporation, operation and winding up of companies. Section 41 and 469 are specifically mentioned as relevant to the notification.
Companies Issue of Global Depository Receipts Rules, 2014: A set of rules governing the issuance of Global Depository Receipts (GDRs) by companies, which is being amended by this notification.
Companies Issue of Global Depository Receipts Amendment Rules, 2020: The set of rules which are being enacted via this notification to amend Companies Issue of Global Depository Receipts Rules, 2014.
Ministry of Corporate Affairs: The ministry responsible for administering the Companies Act 2013 and related rules and regulations in India. The notification is issued by this ministry.
New Delhi: The location where the notification was issued, and the location of the Government of India Press.
Global Depository Receipts: Negotiable certificates issued by a bank representing ownership of shares in a foreign company trading on a local stock exchange.
Reserve Bank of India: India's central bank, which issues instructions related to the utilization of depository receipts proceeds remitted to an International Financial Services Centre Banking Unit (IBU).
International Financial Services Centre Banking Unit: A banking unit within a special economic zone in India that facilitates international financial services.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. NO. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एलxx.x-GअI.D-E1x4x0x 22020-216159
CG-DL-E-14022020-216159
असाधारण
EXTRAORDINARY
भाग II—खण्ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 93] नई ददल्ली, बहृ स्ट्प जतवार, फरवरी 13, 2020/माघ 24, 1941
No. 93] NEW DELHI, THURSDAY, FEBRUARY 13, 2020/MAGHA 24, 1941
कारपोरेट काय यमत्रं ालय
अजधसचू ना
नई ददल्ली, 13 फरवरी, 2020
सा.का.जन. 111(अ).— केंद्रीय सरकार, कंपनी अजधजनयम, 2013 (2013 का 18) की धारा 469 के साथ
पठित धारा 41 द्वारा प्रदत्त िजियों का प्रयोग करते हुए, कंपनी (वैजिक जनक्षेपागार प्राजियों का जनगयम) जनयम,
2014 का संिोधन करन े के जलए जनम्नजलजखत जनयम बनाती ह,ै अथायत्:-
1. सजं क्षि नाम और प्रारंभ.- (1) इन जनयमों का संजक्षि नाम कंपनी (वैजिक जनक्षेपागार प्राजियों का जनगयम)
संिोधन जनयम, 2020 ह।ै
(2) ये रािपत्र म ेंइनके प्रकािन की तारीख से प्रवृत्त होंगे।
2. कंपनी (वैजिक जनक्षपे ागार प्राजियों का जनगयम) जनयम, 2014 (इसे इसमें इसके पश्चात ् उि जनयम कहा
गया ह)ै , के जनयम 2 में,-
(i) “जवदेिी मद्रु ा संपठरवतयनीय बांड तथा साधारण िेयर (जनक्षेपागार प्राजि तंत्र के माध्यम से) स्ट्कीम,
1993” िब्दों, कोष्ठकों और अकं ों के जलए दोनों स्ट्थानों पर िहां वो आए ह,ैं “जनक्षेपागार प्राजि स्ट्कीम,
2014” िब्द और अंक रख ेिाएंग;े
885 GI/20202 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(ii) उप-जनयम (1) म,ें उपबधं (क) के पश्चात्, जनम्नजलजखत खडं अंत:स्ट्थाजपत दकया िाएगा, अथायत:् -
‘(कक) “जवदेिी जनक्षेपागार” या “जवदेिी जनक्षेपागार बैंक” का अजभप्राय ‘जवदेिी जनक्षपे ागार’ होगा, िैसा दक
स्ट्कीम में पठरभाजित ह’ै।
3. उि जनयमों के, जनयम 5 म,ें -
(i) उप-जनयम (1) के स्ट्थान पर जनम्नजलजखत उप-जनयम रखा िाएगा, अथायत:् -
“(1) जनक्षेपागार प्राजिया ं सावयिजनक प्रस्ट्ताव के माध्यम से या जनिी प्लेसमेंट या संबंजधत अजधकाठरता म ें
प्रचजलत दकसी अन्य रीजत से िारी की िा सकती ह ैं और संबंजधत अजधकाठरता में सूचीबद्ध करते हुए या
व्यापाठरक प्लेटफामय पर सूचीबद्ध या व्यापार दकया िा सकेगा।”;
(ii) उप-जनयम (3) म,ें िब्दों “जवदेि म”ें का जवलोप दकया िाएगा।
4. उि जनयमों के, जनयम 7 म,ें जनम्नजलजखत परंतुक अतं :स्ट्थाजपत दकया िाएगा, अथायत:् -
“परंत ु जनक्षेपागार प्राजियों के जनगयम के प्रजतफल दकसी अंतरायष्ट्रीय जवत्तीय सेवा केंद्र बैंंकग यूजनट (आईबीयू)
में प्रेजित दकए िा सकेंग े और भारतीय ठरिवय बैंक द्वारा समय-समय पर िारी अनुदेिों के अनुसार उपयोग
दकए िा सकेंग”े ।
5. उि जनयमों के, जनयम 9 के, उप-जनयम (1) में, िब्दों “जवदेि म”ें का जवलोप दकया िाएगा।
[फा. सं. 1/21/2013-सीएल-V (भाग)]
के. वी. आर. मूर्तत, संयुक् त सजचव
ठटप्प ण: मूल जनयम भारत के रािपत्र, असाधारण, भाग-II, खंड 3, उप खडं (i) म ें अजधसूचना संख यांक
सा.का.जन . 252(अ), तारीख 31 माच,य 2014 द्वारा प्रकाजित दकए गय ेथे।
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 13th February, 2020
G.S.R. 111(E).—In exercise of the powers conferred by section 41 read with section 469 of the
Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules to amend the
Companies (Issue of Global Depository Receipts) Rules, 2014, namely:-
1. Short title and commencement.‐ (1) These rules may be called the Companies (Issue of Global Depository
Receipts) Amendment Rules, 2020.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Issue of Global Depository Receipts) Rules, 2014 (hereinafter referred to as the said rules),
in rule 2,-
(i) for the words, brackets and figures “Foreign Currency Convertible Bonds and Ordinary Shares
(Through Depository Receipt Mechanism) Scheme, 1993” at both the places where they occur, the words and
figures “Depository Receipts Scheme, 2014” shall be substituted;
(ii) in sub-rule (1), after clause (a), the following clause shall be inserted, namely:-
„(aa) „‟overseas depository” or “overseas depository bank” shall mean „foreign depository‟ as
defined in the Scheme.‟.
3. In the said rules, in rule 5,-
(i) for sub-rule (1), the following sub-rule shall be substituted, namely:-
“(1) The depository receipts can be issued by way of public offering or private placement or in any other
manner prevalent in the concerned jurisdiction and may be listed or traded on the listing or trading
platform in the concerned jurisdiction.”;
(ii) in sub-rule (3), the word “abroad” shall be omitted.[PART II—SEC. 3(i)] THE GAZETTE OF INDIA : EXTRAORDINARY 3
4. In the said rules, in rule 7, the following proviso shall be inserted, namely:-
“Provided that proceeds of issue of depository receipts may be remitted in an International Financial
Services Centre Banking Unit (IBU) and utilised in accordance with the instructions issued by the
Reserve Bank of India from time to time.”.
5. In the said rules, in rule 9, in sub-rule (1), the word “abroad” shall be omitted.
[F. No. 1/21/2013-CL-V-part]
K.V.R. MURTY, Jt. Secy.
Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3,
Sub-section (i) vide notification number G.S.R. 252(E), dated the 31st March, 2014.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.