Foreign Exchange Management (Transfer or Issue of any foreign security) (Amendment) Regulations, 2002

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..... FICE MUMBAI 400 001 Notification No.FEMA. 59 /2002-RB dated April 24, 2002 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 08.07.2002 - G.S.R. No. 475(E) In exercise of the powers conferred by clause (a) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and .....

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..... acquire foreign securities as qualification shares issued by a company incorporated outside India for holding the post of a director in the company :- provided that (i) the number of shares so acquired shall be the minimum required to be held for holding the post of director and in any case shall not exceed 1% of the paid-up capital of the company, and (ii) the consideration for acquisitio .....

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..... o to Regulation 16 'Provided that a person resident in India, being an individual, holding qualification shares or rights shares in a company incorporated outside India acquired in terms of clauses (a) and (c) of Regulation 21 may sell such shares without prior approval.' Sd/- (K.J.Udeshi) Executive Director - Notification Tax Management India - taxmanagementindia - taxmanagement - ta .....

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