MCA
Notification No. S.O. : 3156(E)
Dated: - 05/08/2021
In exercise of the powers conferred by section 393A of the Companies Act, 2013 (18 of 2013), the Central Government hereby exempts, from the provisions of sections 387 to 392 (both inclusive), the following:-
(a) foreign companies;
(b) companies incorporated or to be incorporated outside India, whether the company has or has not established, or when formed may or may not establish, a place of business in India,
insofar as they relate to the
offering for subscription in the securities,
requirements related to the prospectus, and
all matters incidental thereto
in the International Financial Services Centres set up under section 18 of the Special Economic Zones Act, 2005 (28 of 2005).
Note: - Section 393A has been inserted vide the Companies (Amendment) Act, 2020 and the same is effective from 22/01/2021.
MCA
Notification No. G.S.R. : 538(E)
Dated: - 05/08/2021
✓ Ministry of Corporate Affairs vide its notification dated 05th August, 2021 has amended the Companies (Registration of Foreign Companies) Rules, 2014.
✓These rules will be called the Companies (Registration of Foreign Companies) Amendment Rules, 2021.
✓ They shall come into force on the date of their publication in the Official Gazette.
✓In said rule, in clause (c) of sub-rule (1) of rule 2, the following explanation shall be inserted, namely:-
“Explanation.- For the purposes of this clause, electronic based offering of securities, subscription thereof or listing of securities in the International Financial Services Centres set up under section 18 of the Special Economic Zones Act, 2005 (28 of 2005) shall not be construed as ‘electronic mode’ for the purpose of clause (42) of section 2 of the Act.”.
Note: - By the effect of this amendment, the electronic presence of foreign company by the means of electronic based offering of securities, subscription thereof or listing of securities in the IFSC shall be exclude from the definitions of Foreign Company u/s 2(42) of the Act.
MCA
Notification No. G.S.R. : 539(E)
Dated: - 05/08/2021
✓ Ministry of Corporate Affairs vide its notification dated 05th August, 2021 has amended the Companies (Specification of definitions details) Rules, 2014.
✓These rules will be called the Companies (Specification of definitions details) Third Amendment Rules, 2021.
✓ They shall come into force on the date of their publication in the Official Gazette.
✓In said rules, in clause (h) of sub-rule (1) of rule 2, the following explanation shall be inserted, namely: -
“Explanation.- For the purposes of this clause, electronic based offering of securities, subscription thereof or listing of securities in the International Financial Services Centres set up under section 18 of the Special Economic Zones Act, 2005 (28 of 2005) shall not be construed as ‘electronic mode’ for the purpose of clause (42) of section 2 of the Act.”.
Note: - By the effect of this amendment, the electronic presence of foreign company by the means of electronic based offering of securities, subscription thereof or listing of securities in the IFSC shall be exclude from the definitions of Foreign Company u/s 2(42) of the Act.
Direct link 👇
Notification No. S.O. : 3156(E) https://www.mca.gov.in/bin/dms/getdocument?mds=Is22cx67XZW0vh1aS%252Fy72A%253D%253D&type=open
Notification No. G.S.R. : 538(E) https://www.mca.gov.in/bin/dms/getdocument?mds=OhiAmBDG37Yyf743tXeFeA%253D%253D&type=open
Notification No. G.S.R. : 539(E) https://www.mca.gov.in/bin/dms/getdocument?mds=tNqRdFZSB569p6ed%252Bx7BZw%253D%253D&type=open
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