Section 13 in The Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004
13. Post investment changes/additional investment in existing JV/WOS .--A JV/WOS set up by the Indian party as per the regulations may diversify its activities/set up step down subsidiary/after the shareholding pattern in the overseas entity:
Provided the Indian party reports to the Reserve Bank, the details of such decisions taken by the JV/WOS within 30 days of the approval of those decisions by the competent authority concerned of such JV/WOS in terms of local laws of the host country, and, include the same in the Annual Performance Report required to be forwarded annually to the Reserve Bank in terms of regulation 15.
