Para 3C - Indian companies registered in India and engaged............... - Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993

[3C. Indian companies registered in India and engaged in the following sectors/areas, where 80% of turnover is from these sectors/areas of the operation/business of the company in the three previous financial years, are eligible to offer Global Depositary Receipts against the issue of ordinary shares under the Scheme to their non-resident/resident permanent employees (including Indian and overseas working directors) and also of their subsidiary companies, incorporated in India or abroad, subject to the eligibility conditions and operational guidelines/conditionalities announced from time to time by the Government :— (i) Information Technology (as defined in the recommenda tion No. 19(a) and (b) of Gazette Notification dated 25-7-1999 issued by the Planning Commission) and Entertainment Software. (ii) Pharmaceuticals. (iii) Bio-technology. (iv) Any other activities within the knowledge based sector as notified by the Government from time to time. These norms would also be available for multi-product diversified companies which do not conform to the criteria of 80% turnover as mentioned above but having an average annual export earnings of Rs. 100 crores from the sectors mentioned above in the three previous financial years.]