9911796707
TMI BlogOverseas Direct Investment – Amendments to FormsX X X X Extracts X X X X X X X X Extracts X X X X ..... in the sphere of overseas direct investment in the recent past, following amendments have been made to the Form ODA and detailed instructions are given for filling forms ODA, ODI, ODB ODG : a) Form ODA Amendment to Declaration Annexure I b) Form ODA Amendment to Certificate by the Statutory Auditor of the Investor Company Annexure II c) Instructions for filling up the forms ODA, ODI, ODB and ODG Annexures III, IV, V, VI 2. Necessary amendments to the Foreign Exchange Management (Transfer or issue of any foreign security) Regulations 2000 are being notified separately. 3. Authorised Dealers may bring the contents of this circular to the notice of their concerned c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... EMA Notification 19/RB-2000 dated May 3, 2000 as amended from time to time (Foreign Exchange Management (Transfer or issue of any foreign securities) Regulations, 2000) have been complied with by the Indian party in respect of the investment under report. In particular, it is further certified that- (i) the investment is not in real estate oriented or banking business, and (ii)* the amount of foreign exchange proposed to be purchased for remittance towards the investment together with remittances already made and exports and other dues capitalised for investment abroad during the current financial year under the Automatic Route is/will be within 100 % of the net worth of the Indian party as on the date of last audited balance sheet, (iii)** ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /WOS need not be insisted upon; however, revised particulars of the repatriable entitlements etc., to the extent applicable, may only be obtained. 3. Where there is more than one Indian party making investment in the same JV/WOS overseas, form ODA should be obtained by all the Indian parties jointly along with a certificate(s) from other ADs, if remittances are effected by the latter. 4. In case where the Indian party is successful in the bid for overseas acquisitions for which it has already made remittance towards Earnest Money Deposit or issued bid bond guarantee, under a bidding or tender procedure, while effecting the final remittance towards such acquisition, a report in the form ODA may be obtained. ANNEXURE-IV Instruc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g foreign concern :- i. A copy of the certificate of incorporation of the foreign concern; ii.Latest Annual Accounts, i.e. the Balance Sheet and Profit and Loss Account along with Directors' report of the foreign concern ; and iii. A copy of the share valuation certificate from iv. where the investment is more than US $ 5 (five) million, by a Category I Merchant Banker registered with SEBI or an Investment Banker/Merchant Banker registered with the appropriate regulatory authority in the host country; and v. in all other cases, by a Chartered Accountant or a Certified Public Accountant f. A copy of the resolution of the Board of Directors of the Indian party/(ies) approving the proposed investment. g. Where investment is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and conditions of the acquisition are different from those furnished earlier to the Reserve Bank, the Indian Party should apply afresh to the Reserve Bank in form ODI for prior approval before putting through the transaction. ANNEXURE-V Instructions for filling up the form ODB 1. The form complete in all respects should be submitted in triplicate to the Chief General Manager, Reserve Bank of India, Exchange Control Department, Central Office, Overseas Investment Division, Amar Building, Mumbai-400 001. 2. For foreign currency SWIFT codes may be used. 3. If any specific acquisition deal has been negotiated, the details thereof including the name of the overseas company being acquired, its performance for the last three ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt equivalent of US$ 100 mn. or ii. amount equivalent to 10 times the export earnings of the Indian Party during the preceding financial year as reflected in its audited balance-sheet, inclusive of all investments made under Regulations in Part I, including under (i) of this clause, in the same financial year, ii. the issued amount of the ADRs/GDRs exchanged for acquiring shares of the overseas (acquired) company is within the limit specified in the Foreign Exchange Management (Transfer or issue of any foreign security) Regulations,2000 iii. the ADRs and/or GDRs issued for the purpose of acquisitions are backed by underlying fresh equity shares of the Indian party; iv. after the new ADR and/or GDR issue, the total holding in the In ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
