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[Cites 0, Cited by 0] [Section 14(5)] [Section 14] [Entire Act]

Union of India - Subsection

Section 14(5)(d) in Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017

(d)The first level Indian company making downstream investment shall be responsible for ensuring compliance with the provisions of these regulations for the downstream investment made by it at second level and so on and so forth. Such first level company shall obtain a certificate to this effect from its statutory auditor on an annual basis. Such compliance of these regulations shall be mentioned in the Director's report in the Annual Report of the Indian company. In case statutory auditor has given a qualified report, the same shall be immediately brought to the notice of the Regional Office of the Reserve Bank in whose jurisdiction the Registered Office of the company is located and shall also obtain acknowledgement from the RO.