5 Manner and Form of Depository Receipts.

1[(1) The depository receipts can be issued by way of public offering or private placement or in any other manner prevalent in the concerned jurisdiction and may be listed or traded on the listing or hading platform in the concerned jurisdiction.]

(2) The depository receipts may be issued against issue of new shares or may be sponsored against shares held by shareholders of the company in accordance with such conditions as the Central Government or Reserve Bank of India may prescribe or specify from time to time.

(3) The underlying shares shall be allotted in the name of the overseas depository bank and against such shares, the depository receipts shall be issued by the overseas depository bank 2[abroad].

Amendment

1. Substituted by the Companies (Issue of Global Depository Receipts) Amendment Rules, 2020. Dated 13.02.2020

in sub-rule (1),

(1) The depository receipts can be issued by way of public offering or private placement or in any other manner prevalent abroad and may be listed or traded in an overseas listing or trading platform.

the following shall be substituted namely;

(1) The depository receipts can be issued by way of public offering or private placement or in any other manner prevalent in the concerned jurisdiction and may be listed or traded on the listing or hading platform in the concerned jurisdiction.

2. Omitted by the Companies (Issue of Global Depository Receipts) Amendment Rules, 2020. Dated 13.02.2020