Section 22(5) in The Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004
(5)[ A foreign company, who has issued the shares in terms of sub--regulation (2) of this regulation may repurchase the same provided that:(i)the shares were issued in accordance with the rules/regulations framed under Foreign Exchange Management Act, 1999;(ii)the shares are being repurchased in terms of the initial offer document; and(iii)an annual return is submitted through the authorised dealer bank giving details of remittances/beneficiaries, etc.
