Companies (Issue of Indian Depository Receipts) (Second Amen

Companies (Issue of Indian Depository Receipts) (Second Amendment) Rules, 2009 - Amendments in Schedule

NOTIFICATION NO. G.S.R. 251(E)

DATED 15-4-2009

In exercise of powers conferred by clause (a) of sub-section (1) of section 642 read with section 605A of the Companies Act, 1956, the Central Government hereby makes the following rules further to amend the Companies (Issue of Indian Depository Receipts) Rules, 2004, namely:-

1. (1)    These Rules may be called the Companies (Issue of Indian Depository Receipts) (Second Amendment) Rules, 2009.

(2)   They shall come into force from the date of their publication in the Official Gazette.

2. In the companies (Issue of Indian Depository Receipts) Rules, 2004, hereinafter referred to as the principal rules, in the Schedule, in para 6, –

(a)        in sub-paragraph (i), in clause (A), the words “and financial status” shall be omitted;

(b)        in sub-paragraph (i), for clause (B), the following shall be substituted, namely:-

“(B) the interim audited financial statements in respect of the period ending on a date which is less than 180 days prior to the date of opening of the issue, if the gap between the ending date of the latest audited financial statements disclosed under clause (A) and the date of the opening of issue is more than 180 days:

Provided that if the gap between such date of latest audited financial statements and the date of opening of issue is 180 days or less, the requirement under clause (B) shall be deemed to be complied with if a statement, as may be specified by SEBI, in respect of changes in the financial position of issuing company for such gap is disclosed in the Prospectus.”;

(c)        in sub-paragraph (i), for the existing proviso, the following proviso shall be substituted, namely:–

“Provided further that in case of an Issuing company which is a foreign bank incorporated outside India and which is regulated by a member of the Bank for International Settlements or a member of the International Organization of Securities Commissions which is a signatory to a Multilateral Memorandum of understanding with India, the requirement under this paragraph, in respect of period beginning with last date of period for which the latest audited financial statements are made and the date of opening of issue shall be satisfied, if the relevant financial statements are based on limited review report of such statutory auditor.”;

(d)                                       in sub-paragraph (ii), in clause (A), for the word ‘affairs’, the word ‘statements’ shall be substituted;

(e)                                        in sub-paragraph (ii), for clause (B), the following shall be substituted, Namely:-

“(B) the interim financial statements in respect of the period ending on a date which is less than 180 days prior to the date of opening of the issue, if the gap between the ending date of the latest financial statements disclosed under clause (A) and the date of the opening of issue is more than 180 days:

Provided that it the gap between such date of latest audited financial statements and the date of opening of issue is 180 days or less, the requirement under clause (B) shall be deemed to be complied with if a statement, as may be specified by SEBI, in respect of changes in the financial position of the issuing company for such gap is disclosed in the Prospectus.

[F.No.1/2/2001-CL-V]