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Section 390

Offer of Indian Depository Receipts

Notwithstanding anything contained in any other law for the time being in force, the Central Government may make rules applicable for—

(a)
the offer of Indian Depository Receipt;
(b)
the requirement of disclosures in prospectus or letter of offer issued in connection with Indian Depository Receipts;
(c)
the manner in which the Indian Depository Receipts shall be dealt with in a depository mode and by custodian and underwriters; and
(d)
the manner of sale, transfer or transmission of Indian Depository Receipts, by a company incorporated or to be incorporated outside India, whether the company has or has not established, or will or will not establish, any place of business in India.
(1)
of section 2 of the Depositories Act, 1996 (22 of 1996)
Notes, amendments & references (2)

Exempted for (a) foreign companies and (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 vide S.O.3156(E) Exemption Notification dated August 5,2021. To view the notification Click Here

Refer rule 13 of Companies (Registration of Foreign Companies) Rules,2014. To view the rule, Click Here