Section 2 in Permission to issue Global Depository Receipts/American Depository Receipts
2.
(i)The issuing company has necessary approval from the Ministry of Finance, Government of India to issue such ADRs/GDRs or is eligible to issue ADRs/GDRs in terms of the relevant scheme or notification issued by the Ministry of Finance, and(ii)the issuing company is eligible to issue shares to foreign investors under the Automatic Route of Reserve Bank of India or has necessary approval from Secretariat for Industrial Assistance (SIA)/ Foreign Investment Promotion Board (FIPB) and the percentage of foreign equity does not exceed the limits specified under the Automatic Route or the limits specified by the SIA/FIPB.
