MCA UPDATE
The Ministry of Corporate Affairs in consultation with RBI clarified that unless otherwise provided in the circular/ directions/ regulations issused by RBI, the provisions of Chapter lll of the Act and Rule 18 of the Companies (Share Capilal and Debentures) Rules, 2014, would not apply to issue of rupee denominated bonds made exclusively to persons resident outside India in accodance with applicable sectoral regulalory provisions as the issue of rupee denominated bonds to overseas investors is being regulated by RBI as part of ECB Policy framework.
