Section 6(2)(iii) in The Foreign Exchange Management (Transfer Or Issue Of Security By A Person Resident Outside India) Regulations, 2000
(iii)[] [Renumbered by G.S.R. 223(E), dated 12.11.2002 (w.e.f. 18.3.2003).] the existing shares or debentures against which shares or debentures are issued by the company on right basis were acquired and are held by the person resident outside India in accordance with these regulations;