Quick Summary
The MCA has notified a new set of Rules to amend the existing Companies (Specification of Definitions Details) Rules, 2014 which shall come into force on the date of its publication in the Official Gazette (not yet published). In Rule 2(1)(h) of the said rules, the following explanation is insert
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FAQ :
The amendment clarifies that electronic offerings, subscriptions, or listings of securities in International Financial Services Centres (IFSCs) are not considered 'electronic mode' under Section 2(42) of the Companies Act.
The new rules will come into force on the date of their publication in the Official Gazette.
Electronic based offering of securities, subscription thereof, or listing of securities in International Financial Services Centres (IFSCs).
The purpose is to exclude the electronic presence of a foreign company, through means like electronic securities offerings or listings in IFSCs, from the definition of a foreign company under Section 2(42) of the Act.
The Companies (Specification of Definitions Details) Rules, 2014 are being amended.
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