Pledge of Shares of Joint Ventures and Wholly Owned Subsidiaries

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..... Indian Party may create charge, by way of pledge, on the shares of Joint Venture (JV) or Wholly Owned Subsidiary (WOS) or Step Down Subsidiary (SDS) outside India [held directly by the Indian party in JV or WOS and indirectly in SDS] as a security in favour of an Authorized Dealer or a public financial institution in India or an overseas lender, for availing of fund based or non-fund based facili .....

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..... April, 2007) 2. Substituted vide NOTIFICATION No. FEMA/322/RB-2014, Mumbai, 14 October, 2014, before it was read as, "18. Pledge of Shares of Joint Ventures and Wholly Owned Subsidiaries An Indian Party may transfer, by way of pledge, shares held in a Joint Venture or Wholly Owned Subsidiary outside India as a security for availing of fund based or non-fund based facilities for itself or .....

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