Section 16(3) in The Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004
(3)An Indian party, which does not satisfy the criteria specified at sub-regulation (1) above, shall apply to the Reserve Bank for permission to transfer by way of sale of shares of a JV/WOS outside India which may be granted subject to such conditions as the Reserve Bank may consider appropriate.[16A. Restructuring of the balance sheet of JV/WOS involving write-off of capital and receivables
