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Sec 390 Companies Act 2013: Offer of Indian Depository Receipts (IDRs)

SECTION-390 (Offer of Indian Depository Receipts) under CHAPTER-XXII (Companies Incorporated Outside India) of the Companies Act, 2013

Notwithstanding anything contained in any other law for the time being in force, the Central Government may make rules applicable for—
(a) the offer of Indian Depository Receipts;
(b) the requirement of disclosures in prospectus or letter of offer issued in connection with Indian Depository Receipts;
(c) the manner in which the Indian Depository Receipts shall be dealt with in a depository mode and by custodian and underwriters; and
(d) the manner of sale, transfer or transmission of Indian Depository Receipts,
by a company incorporated or to be incorporated outside India, whether the company has or has not established, or will or will not establish, any place of business in India.

Extra Notes for Readers

(1) The Companies Act, 2013 received the assent of the President on the 29th August, 2013 (Published in the Gazette of India, Extraordinary, Part II - Section 1 by Ministry of Law and Justice, Legislative Department on 30th August, 2013)

(2) Section 390 of the Companies Act 2013 was notified by MCA Notification S.O. 902(E) dated 26th March 2014 (w.e.f. 1st April 2014)

(3) Relevant rule(s) of the Companies 
(Registration of Foreign Companies) Rules, 2014 (w.e.f. 1st April 2014)
  • Rule 13 - Issue of Indian Depository Receipts (IDRs)
Note: Please check MCA site for any further amendments to the Companies (Registration of Foreign Companies) Rules, 2014.

This page was last updated on 30th May, 2017.

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