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TMI BlogManner of making Overseas Direct Investment by Indian entityX X X X Extracts X X X X X X X X Extracts X X X X ..... tment in equity capital for the purpose of undertaking bonafide business activity in the manner and subject to the limits and conditions provided in this Schedule. (2) The ODI may be made or held by way of, (i) subscription as part of memorandum of association or purchase of equity capital, listed or unlisted; (ii) acquisition through bidding or tender procedure; (iii) acquisition of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity, which is directly or indirectly engaged in financial services activity, subject to the following conditions, namely:-- (i) the Indian entity has posted net profits during the preceding three financial years; (ii) the Indian entity is registered with or regulated by a financial services regulator in India; (iii) the Indian entity has obtained approval as may be required from the regul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) of this paragraph due to the impact of Covid-19 during the period from 2020-2021 to 2021-2022, then the financial results of such period may be excluded for considering the profitability period of three years: Provided that such period may be extended by the Reserve Bank in consultation with the Central Government, as it may deem necessary: (4) Notwithstanding anything contained in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the issue of American Depository Receipts or Global Depositary Receipts and stock-swap of such receipts; and (ii) utilisation of the proceeds from External Commercial Borrowings to the extent the corresponding pledge or creation of charge on assets to raise such borrowings has not already been reckoned towards the above limit: Provided that the financial commitment made by Maharatna or N ..... X X X X Extracts X X X X X X X X Extracts X X X X
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