Opening of Escrow / Special Accounts by Non-Resident Corporates for open offers / delisting / exit offers

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..... / Sir, Opening of Escrow / Special Accounts by Non-Resident Corporates for open offers / delisting / exit offers Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to Regulation 10 A (b) of Notification No. FEMA 20/2000-RB dated 3rd May, 2000 [Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000] read .....

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..... anks are permitted to open Escrow account and Special account on behalf of non-resident corporates, without prior approval of the Reserve Bank, for acquisition / transfer of shares / convertible debentures through open offers / delisting / exit offers, subject to the relevant SEBI (SAST) Regulations or any other applicable SEBI Regulations / provisions of the Companies Act, 1956 and to the terms a .....

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