Additional compliances in line with Press Note 3 of 2020
The Government of India with an intent to curb opportunistic takeovers/ acquisitions of Indian companies due to COVID-19 pandemic, through Press Note 3 of 2020 had made it mandatory to obtain their prior approval for any foreign direct investment by an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in, or is a citizen of any such country (as the case may be). To give effect to Press Note 3 of 2020, amendments were made to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and now even the Ministry of Corporate Affairs has recently introduced amendments to certain rules prescribed under the Companies Act, 2013.
For details, please refer to the below document.
For further details, please contact [email protected]
