MCA vide its notification dated May 04, 2022 bearing no: G.S.R. 335(E), issued an amendment in Companies (Share Capital and Debentures) Rules, 2014 for insertion of a declaration to be furnished while filing Form SH-4 in terms of whether there is a requirement of government approval by transferee under  Foreign Exchange Management Act, 1999 (“FEMA”) before the transfer of shares.  The new declaration inserted is as follows:

“Declaration:

• Transferee is not required to obtain the Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior to transfer of shares; or
• Transferee is required to obtain the Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior to transfer of shares and the same has been obtained and is enclosed herewith.”