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October 2012

A. P. (DIR Series) Circular No. 19 dated 28th August, 2012

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Issue of Indian Depository Receipts (IDRs)

– Limited two way fungibilty. Presently, automatic fungibility of IDR is not permitted. This circular, subject to compliance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, permits a limited two way fungibility for IDR. It imposes an overall ceiling of INRNaN billion on raising of capital by foreign companies by issuance of IDR. It also states that re-issuance of IDR would be allowed only to the extent of IDR that have been redeemed/converted into underlying shares and sold.

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October 2012

A. P. (DIR Series) Circular No. 19 dated 28th August, 2012

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October 2012

A. P. (DIR Series) Circular No. 19 dated 28th August, 2012

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You May Also Like

Refund of stamp duty — Withdrawal of document from being registered — Karnataka Stamp Act, sections 52 and 52A.

2011) 21 STR 589 (Tri.-Del.) — CCEx., Ludhiana v. Mayfair Resorts.