(1)Every manufacturer applying for a fresh license under these rules shall be an Indian company incorporated under the Companies Act, 2013 (18 of 2013): Provided that the applicant company is owned and controlled by resident Indian citizens or by Indian companies, owned and controlled by resident Indian citizens except in respect of a company having Foreign Direct Investment (FDI) beyond forty-nine percent:Provided further that the Chief Executive of the company is a resident Indian and the management of the applicant company is in Indian hands with majority representation on the Board excluding nominee or independent directors except in respect of a company having Foreign Direct Investment (FDI) beyond forty-nine percent.
