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PUBLISWB BY AUTBOlWY

e. 3671
No. 3671

NEW DELHl WEDNESDAY, AUGUST 31, M03/BEADRA 9,1927

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'IIBGAZET?E OF INDIA :EXTRAORDINARY

PART U 4 c . 3(i)]

MINISTRY OF FINANCE

(Department of Economic Affairs) NOTlFlCATlON New Delhi, the 31st August, 2005 Forei n Currency Convertible Bonds and Ordinary Shares (Throygh Depositary Rece pt Mechanism) (Amendment) Scheme, 2005. Government hereby amend the Foreign Currency Convertible Bonds Shares (Through Depositary Receipt Mechanism) Scheme, 1993,!namely: -

Scheme may be called the issue of Foreign Currency ares (Through Depositary Receipt Mechanism) Th Scheme shall be deemed to have come into force from the date of publication of 2. Notiicatio ; and
3. In e Foreign Currency Convertible Bonds and Ordina~ Shares (Throuph Depositaty Receipt M chanism) Scheme, 1993;

Afl r paragraph 3(1), the following subparagraph shall be inserted; nam$ly:company, which is not eligible to raise funds fmm the lndian ppital market which has been restrained from accessing the securities karket by the Board of lndia (SEBI) will not be eligible to iss and (ii) Ordinary Shares through Global Convertible Bonds and Ordinary Shares listed lndian Companies issuing Global Depositary ReceiptsIForeign Currency Bonds shall be required to simultaneously list in the lndian Stock Exchange@). Overseas Corporate Bodies (OCBs) who are not eligible prohibited to buy, sell M. deal in to (i) Foreign Currency Convertible Bonds Receipts under the Foreign Currency Receipt Mechanism) Scheme, 1993.

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(i) (ii)

In aragraph 5 sub-paragraph (4) (c) shall read as f6llows:-

5(4)(ca) Li ted Companies - The pricing should not be less than the two av ra es: The average of the weekly high and low of the closing prices bf the related shares quoted on the stock exchange during the six months preceding the relevant date; The average of the weekly high and low of the closlng pnces af the related shares quoted on a stock exchange during the two weeks +receding the relevant date.

The "relevant date" means the date thirty days prior to the date on which the meeting of the! general body of shareholders is held, in terms of section 81 IIA) . . of the Comoanies Act, 1956, to consider the proposed issue. 5(4)(cb) Unlisted Companies - The pricing should be in accordance with Reserve Bank of lndia Regulations notified under Foreign Exchange Management Act, 1999.
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Paragraph 5 sub-paragraph (4) (e) (i) and (4) (e) (ii) shall be inserted, namely:-

5(4)(e)(il Listed Companies - The conversion price of the Foreign Currency Convertible Bonds should be in accordance with para 5(4)(ca) ibid. 5(4)(e)(iu) Unlisted Companies - The conversion price of the Foreign Currency Convertible Bonds should be in accordance with Reserve Bank of lndia Regulations notified under Foreign Exchange Management Act, 1999.
IF. NO. 15/4/2uUe~Rij

U. K SINHA, Jt. Secy. Foot Nate :-(I) The Principal Scheme, viz., Issue of Foreign Currency Convertible Bonds Shares (Through Depositary Receipt Mechanism) Scheme, 1993, was published and Ordina~y in the Gazette of lndia, Extraord~nary,Part 11, Section 3, Sub-section (i) on the 12th November, 1993lKartika 21, 1915. [Notification No. G.S.R. 700(E), dated 12th November, 19931.

nri~ina! S&ame carriprl in Fnreizn C ? ! r p n ~c~n~,pejrt!p t Rnnri-i 2nd Ordinary Shares (Through Depositary Receipt Mechanism) (Amendment) Scheme, 1999 was publishedm i the Gazette of lndia, Extraordinary, Part II - Section 3 - Subsection (i) on the 11" November 19991Kartika 20, 1921. (Notification GSR. NO. 164 (E), dated 10" November 1999).
( 7 ) Amend~mentin thp

(3) Amendment in the Oliginal Scheme canied in Foreign Currency Convertible, Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) (Amendment) Scheme, 1999-was published in the Gazette of lndia, Extraordinary, Part II W o n 3 -Subsection (i) on the 19* June 20001Jyaistha 29,1922. (Notification GSR. NO. 544 (E), dated 16" June 2000).

(4) Amendment in the Original Scheme canied in Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) (Amendment) Scheme-ll, 2000 was published in the Gazette of lndia (Extraordinary) under Partll Section-3 Subsection on 14th November, 20001Karlika 23,1922. (Notification GSR. NO. 865 (E), dated 1 November 2000).

(5) Amendment in the Original Scheme carried in Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) (Amendment) Scheme-Ill, 2000 was published in the Gazette of lndia (Extraordinary) under Part-ll Section-3 Sub-section (I on 14th November, 2000Kartika 23,1922. (Notification GSR. NO. 866 (E), dated 1 November 2000).

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(6) Amendment in the Original Scheme carria in Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) (Amendment) Scheme, 2001 was ~ublished in the ~azett&oflndia (~xt~kordinarv) under pai-li Section-3 &-ion (i) on 21' keptember, 20011Bhadra 30,lg23. ( N o f m d n GSR. No. 687(E), dated 18* September, 2001).

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