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Jun 30, 2022

Amendment in Companies (Share Capital and Debentures) Rules, 2014

The Ministry of Corporate Affairs (‘MCA’), by its Notification dated May 04, 2022, has amended the Companies (Share Capital and Debentures) Rules, 2014, which is effective from May 05, 2022, by inserting a declaration from the transferee in Form SH-4 (securities transfer form). This amendment requires the transferee to confirm either of the following: (i) transferee is not required to obtain Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (‘NDI Rules’) prior to transfer of shares; or (ii) transferee is required to obtain Government approval under NDI Rules prior to transfer of shares, and a copy of such approval being attached.[1]

 

[1] This amendment has been introduced with the objective that if a transferee is a body corporate incorporated in, or a national of, a country which shares a land border with India, such body corporate or national, as the case may be, will be required to obtain Government approval under the NDI Rules, before effecting such transfer.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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