- Rule 14, sub-rule (1) of the Companies (Prospectus and Allotment of Securities) Rules, 2014 and after the fourth proviso, inserted a proviso namely :
- “Provided also that no offer or invitation of any securities under this rule shall be made to a body corporate incorporated in, or a national of, a country which shares a land border with India, unless such body corporate or the national, as the case may be, have obtained Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and attached the same with the private placement offer cum application letter.”
- Form PAS-4, wherein Part-B, after serial number (vii) the following was inserted :
- “(viii) Tick whichever is applicable:-
(a) The applicant is not required to obtain Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior to subscription of shares.- - (b) The applicant is required to obtain Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior to subscription of shares and the same has been obtained, and is enclosed herewith.- .”
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