Supreme Court gives statutory shield to SEBI from SAT

THE Supreme Court on Tuesday said the Securities Appellate Tribunal (SAT) has no discretionary power to interfere with orders passed by market regulator Securities & Exchange Board of India (SEBI). Allowing SEBI’s plea, the court said the tribunal has to do what is prescribed under the statute.

“When something is to be done statutorily in a particular way, it can only be done that way. There is no scope for taking shelter under a discretionary power,” said a bench comprising Justice Arijit Pasayat and Justice LS Panta. The court rejected the plea that the tribunal can interfere with the order passed by SEBI. The court also turned down the plea that under section 15 T (4) of the Act, the tribunal is empowered to pass such orders on the appeal as it thinks fit, confirming, modifying or setting aside the order of SEBI.

SEBI had filed two appeals against order passed by the tribunal. In one case, Saikala Associates acted as a sub-broker at the National Stock Exchange with 2 NSE Members — MIS PCS Securities and M/S Zen Securities — without being registered as a sub-broker with SEBI between 2000 and May 2002. It had created the value of Rs 403.29 crore in breach of section 12(1) of the Securities and Exchange Board of India Act, 1992 (read with Rule 3 of the Securities and Exchange Board of India (Stock Brokers & Sub Brokers) Rules, 1992.)

In the second case Shilpa Stock, registered as a SEBI broker while executing trades on behalf of its client Kamlesh Shroff had dealt with Jairam Enterprises, an un-registered sub-broker. Again, it was in violation of SEBI rule. The tribunal had said the proved charges were not serious enough to warrant suspension of certificate of registration and had set aside the SEBI order. SEBI challenged this in the apex court. The regulator had said in terms of Regulation 25 of the SEBI regulations & circulars, (stock brokers and sub-brokers), which was applicable prior to the amendment with effect from November 2, 2003, it was provided that any contravention of any provisions of the Act, rules and regulations is to be dealt with in the manner provided in Regulations 26 to 32 of the Regulation prior to the amendment with effect from September 27, 2002.

 

The provisions of section 12(3) of the 1992 Act confer power on SEBI, by an order, to suspend or cancel a certificate of registration in such manner as may be determined by regulations, provided that no order under the said section will be made unless the person concerned has been given a reasonable opportunity of being heard, the appellant had said. It had further said as per Rule 3 of the Securities and Exchange Board of India (Stock Brokers & Sub Brokers) Rules, 1992, the existing brokers & sub-brokers were allowed to continue business pending registration but no new person commencing the business of the broker or sub-broker after August 20, 1992 could do the business pending registration and could commence only after being registered.

The court said, “In the instant case, the position of broker/sub-broker in case of violation is statutorily provided under Section 12 of the Act, which has to be read along with Rule 3 of the Rules. No power is conferred on the tribunal to travel beyond the areas covered by section 12 and Rule 3.”

Source: The Economic Times

The concerned citation of the case is S.E.B.I  Versus Saikala Associates Ltd. with CIVIL APPEAL NO. 4640 OF 2006 and the date of judgement is April 21, 2009. For complete judgement one can check SC website or else follow the below URL :-
 

http://judis.nic.in/supremecourt/helddis3.aspx

 
Thanks - CS Monika Bhardwaj of CS Mysore

File Offer Documents (50 crores) at SEBI Western Regional Office, Ahmedabad from 1st May 2009

Schedule XXII of SEBI (DIP) Guidelines, 2000 (click here for the latest guideline) got amended enabling Merchant Bankers  to file the draft offer documents (public issue & rights issue) of size up to Rs. 50 crores, of the companies whose registered office falls in Gujarat and Rajasthan, with the regional office of SEBI in Ahmedabad.

Securities and Exchange Board of India

Western Regional Office

Unit No: 002, Ground Floor, SAKAR I,

Near Gandhigram Railway Station,

Opposite Nehru Bridge, Ashram Road,

Ahmedabad – 380 009.

Phone: (079) 26583633, 26583634 and 26583635.

Click here for the said circular http://www.sebi.gov.in/circulars/2009/cfdcir04.pdf

[FTP-Hp] LUT & BG for duty credit scrips before realisation of export proceeds

Obtaining transferable duty credit scrips made easier

Source: TNC Rajagopalan / New Delhi April 06, 2009, 0:09 IST

Ref: Handbook of Procedures (FTP)

The Director General of Foreign Trade has notified the procedures for executing legal undertaking and bank guarantee for obtaining transferable duty credit scrips under Duty Entitlement Passbook scheme and under the reward schemes such as Focus Product Scheme, Focus Market Scheme etc. before realisation of export proceeds. The formats of legal undertaking and bank guarantee have also been notified

The good news is recognised export houses and PSUs need not furnish bank guarantees. Manufacturer exporters registered with Central Excise and with exports in the preceding two years of at least Rs 1 crore and manufacturer exporters who have paid excise duty of over Rs 1 crore in the preceding year need not execute bank guarantee.

The relevant Public Notice (no. 167/2008 dated 30th March 2009) says the applicant shall execute the legal undertaking and bank guarantee as per Customs circular no. 58/2004 dated 21st October 200 4. The said circular exempts exporters who have a turnover (physical exports) of Rs 5 crore in the current or preceding fiscal and having a track record of three years of exports.

Other manufacturer exporters need furnish bank guarantee of only 15 per cent of the amount of legal undertaking. Other exporters have to furnish bank guarantee covering 100 per cent of the amount involved.

Apparently, the amount of legal undertaking should cover the full duty credit amount. The exporter, however, has the option to file a revolving legal undertaking for a higher amount which will act as a limit i.e., within the limit, it will be debited if a duty credit scrip is issued and credited whenever the exporter submits evidence of realisation of export proceeds relating to any shipping bill against which the duty credit scrip was issued.

The revolving legal undertaking has to be submitted separately for each scheme. The legal undertaking/bank guarantee should be kept valid for 24 months from the let export order date. Perhaps, the DGFT expects that few payments will be delayed beyond 24 months from the date of exports.

The DGFT circular says that in case the export proceeds are not realised within 12 months of export, the exporter should either produce Reserve Bank approval extending the period for realisation of export proceeds or deposit amount equal to the duty credit or produce duty credit scrip for debit of equivalent amount within further 60 days failing which he will have to pay, in addition, 15 per cent per annum interest on the duty credit amount. The legal undertaking/bank guarantee will be enforced if the exporter does not surrender the benefits.

The Customs credit the duty drawback at All Industry Rates in the exporter’s bank account immediately after shipment based on only a declaration along with the shipping bill. The exporter is not required to submit a bond or bank guarantee but a six monthly certificate of export bills outstanding beyond the period allowed by RBI from authorised dealer(s) or chartered accountant.

Click here to understand Foreign Trade Policy 2004-2009.

Download LLP Act, 2008 word format – soft copy in editable form of Limited Liability Partnership Act & Rules, 2009

Yes,

 

To download editable soft copy in word form of Limited Liability Partnership Act, 2008, Click here.

 

Click here to download the Government notification on Limited Liability Partnership Act, 2008 i.e, LLP Act, 2008 in PDF format.

 

Click here to read the Government Notification on LLP rules with forms in word form i.e, Limited Liability Partnership Rules, 2009 in editable soft copy.

 

Click here to read more on LLP – http://yehseeyes.blogspot.com/search/label/LLP

 

Like it, then subscribe it by clicking Get See Yes -> Yes, ACS delivered by email

Must read FAQ’s on Limited Liability Partnership (LLP) in India–a mandatory read through for every one

Every limited liability partnership shall have either the words “limited liability partnership” or the acronym “LLP” as the last words of its name. LLPs would not be given names, which, in the opinion of the Central Government, are undesirable. 

 

This article is selective extract from the FAQ’s of LLP from http://www.llp.gov.in .  It is classified into 5 heads for the purpose of understanding – Basics, Transactional, Compliance, Penal & Conversion provisions on LLP.

 

BASICS

 

Whether the LLP Act is applicable to any specific services like professional services regulated by Statutes?

No. Any two or more persons associating for carrying on a lawful business with a view to profit may set up an LLP.

 

Likely users/beneficiaries of the LLP Law?

It is likely that in the years to come Indian professionals would be providing accountancy, legal and various other professional/technical services to a large number of entities across the globe. Such services would require multidisciplinary combinations that would offer a menu of solutions to international clients.  In view of all this, the LLP framework could be used for many enterprises, such as:-

·                  Persons providing services of any kind

·                  Enterprises in new knowledge and technology based fields where the corporate form is not suited.

·                  For professionals such as Chartered Accountants (CAs), Cost and Works Accountants (CWAs), Company Secretaries (CSs) and Advocates, etc.

·                  Venture capital funds where risk capital combines with knowledge and expertise

·                  Professionals and enterprises engaged in any scientific, technical or artistic discipline, for any activity relating to research production, design and provision of services. 

·                  Small Sector Enterprises (including Micro, Small and Medium Enterprises)

·                  Producer Companies in Handloom, Handicrafts sector

 

What are the restrictions in respect of minimum and maximum number of partners in an LLP?  

A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum numberof partners.

 

Whether a body corporate may be a partner of an LLP?

Yes.

 

What are the qualifications for becoming a partner?

Any individual or body corporate may be a partner in a LLP. However an individual shall not be capable of becoming a partner of a LLP, if—

(a)   he has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force;

(b)   he is an undischarged insolvent; or

(c)   he has applied to be adjudicated as an insolvent and his application is pending.

 

What are the requirements in respect of “Designated Partners”?

Appointment of at least two “Designated Partners” shall be mandatory for all LLPs. “Designated Partners” shall also be accountable for regulatory and legal compliances, besides their liability as ‘partners, per-se”.

 

Who can be a “Designated Partner”?

Every LLP shall be required to have atleast 2 Designated Partners who shall be individuals and at least 1 of the Designated Partner shall be a resident of India. In case of a LLP in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners.

 

Should the number of designated partners resident in India not be more than partners from outside India?

LLPs, particularly those as may be engaged in the services or technology-based sectors, may provide services globally. This may require any number of its partners to locate them abroad.  In view of liability structure of partners, designated partners and LLP, clearly provided for in the Act, there does not appear to be any necessity and justification for restriction relating to designated partners to out-number partners located abroad. In fact it may pose unnecessary restriction.

 

Whether there would be any requirement of ‘identification number’ of Designated Partner? Whether Designated Partners would be subject to any other condition/requirement before they are appointed as such?

Every Designated Partner would be required to obtain a “Designated Partner’s Identification Number” (DPIN) on the lines similar to “Director’s Identification Number” (DIN) required in case of directors of companies. Enabling provisions have been made to prescribe under rules conditions, which would have to be fulfilled by an individual who is eligible to be appointed as a ‘designated-partner’.

 

TRANSACTIONAL PROVISIONS

 

Whether LLP Agreement would be mandatory for all LLPs?

As per provisions of the LLP Act, in the absence of any LLP agreement, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I.

 

What is the manner in which a partner of an LLP can bring his contribution? How will it be recorded/disclosed in the accounts?

Partner’s contribution may consist of both tangible and/or intangible property and any other benefit to the LLP. The monetary value of contribution of each partner shall be accounted for and disclosed in the accounts of the limited liability partnership in the manner as may be prescribed in the rules (see section 32).

 

Whether a partner would be able to give loan to or transact other commercial transactions with LLP? What will be his rights and obligations in this regard?

A partner may lend money to and transact other business with the LLP and shall have the same rights and obligations with respect to the loan or other transactions as a person who is not a partner.

 

What is the nature & extent of liability of a partner of an LLP?

Every partner of an LLP would be, for the purpose of the business of the LLP, an agent of the LLP but not of the other partners. Liability of partners shall be limited except in case of unauthorized acts, fraud and negligence. But a partner shall not be personally liable for the wrongful acts or omission of any other partner. An obligation of the limited liability partnership whether arising in contract or otherwise, is solely the obligation of the limited liability partnership. The liabilities of LLP shall be met out of the property of the LLP.

 

How penal action on errant partners who are not residents of India will be taken?

For statutory compliances provisions of at least one resident designated partner (DP) in every LLP is would ensure that at least one partner is available in India for at least six months for regulatory compliance requirements. The LLPs would have freedom to appoint more than one resident as DP. LLP as an entity would always remain liable for regulatory or other compliances. Civil liability on such a partner would be adjudicated by the courts under civil law which recognises ‘foreign awards’. Criminal liability would require adjudication/ enforcement by the courts including using the extradition process. Position would be similar to the cases of directors of companies who are foreign nationals.  

 

COMPLIANCE PROVISIONS

 

Whether every LLP would be required to maintain and file accounts?

An LLP shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year.

 

Whether audit of all LLPs would be mandatory?

Audit of LLPs shall be mandatory. However a more simplified compliance regime for small LLPs is being proposed by exempting such LLPs from the requirement of audit by exemption through notification by the Central Government. 

 

Whether any Annual Return would be required to be filed by an LLP?

Every LLP would be required to file with ROC, every year, an Annual Return, contents of which would be prescribed under rules.

 

Which documents will be available for public inspection in the office of Registrar?

The following documents/information will be available for inspection by any person:-

·                  Incorporation document,

·                  Names of partners and changes, if any, made therein,

·                  Statement of Account and Solvency

·                  Annual Return

The manner and fees for such inspection shall be prescribed in the rules.

 

How would compliance management (i.e. ensuring that LLPs file their documents with Registrars timely and otherwise comply with other procedural requirements under the Act) be ensured in the Act?

The provisions of the Act require LLPs to file the documents like Statement of Account and Solvency (SAS) and Annual Return (AR) and notices in respect of changes among partners etc. within the time specifically indicated in relevant provisions. The Act contains provisions for allowing LLPs to file such documents after their due dates on payment of additional fees. It has been provided that in case LLPs file relevant documents after their due dates with additional fees upto 300 days, no action for prosecution will be taken against them. In case there is delay of 300 days or more, the LLPs will be required to pay normal filing fees, additional fee and shall also be liable to be prosecuted. 

The Act also contains provisions for compounding of offences which are punishable with fine only.

 

PENAL PROVISIONS

 

 

The offences can be punished either (i) through payment of fine or (ii) through payment of fine as well as imprisonment of the offender. The Judicial Magistrate of the first class, or, as the case may be, the Metropolitan Magistrate shall have jurisdiction to try offences under the LLP Act.

Though most of the offences in the Act provide for punishment by way of charging fine, imprisonment has been provided for in respect of violations relating to

(i) making by any person a false statement at the time of incorporation of LLP (ii) carrying on business of LLP with intent to defraud or for any fraudulent purposes and (iii) making, knowingly, false statements or omitting any material fact, in any return, documents etc under the Act. The offences which are punishable with fine only can be compounded by the Central Government, by collecting a sum not exceeding the amount of maximum fine prescribed for the offence.

Further, for defaults/non-compliance on procedural matters such as time limits for filing requirements provisions have been made for charging default fees (on daily basis) in a non-discretionary manner.

 

CONVERSION PROVISIONS

Limited Liability Partnership Act, 2008 provides for conversion of partnership firm, private limited company and unlisted public limited company into an LLP but all such provisions are not made effective till date.  Only new LLP’s can be formed from 1^st April 2009. 

 

Further, provision to convert a private limited company or an unlisted public limited company may be enabled by amending the Companies Act, 1956 by providing a provision for the same.

 

Secretarial practice to form Limited Liability Partnership (LLP) in India

Steps to form an LLP

 

1. Every name application shall be in Form 1 and be accompanied by fee as mentioned in Annexure ‘A’ and the Registrar shall inform to the applicant for reservation or non reservation of the changed name or the name with which the proposed LLP is to be registered ordinarily within 7 days of the receipt of application.

 

2. Where the Registrar informs applicant about reservation of name with which the LLP is to be registered or changed name, as the case may be, such name shall be available for reservation for a period of 3 months from the date of intimation by the Registrar. 

 

3. Enter the details of 2 proposed Designated Partners and 1 of whom should be resident of India.

 

“The Resident of India” means a person who has stayed in India not less than 182 days during immediately preceding 1 year.

 

“Designated partner” may be individual, LLP, company, LLP incorporated outside India(LIOI), company incorporated outside India (CIOI).

 

4. Enter the DPIN (Designated Partner Identification Number), if any or Income Tax PAN or Passport No. of the applicant in Form 1 for reservation of name.  Hence, one can reserve the name for LLP even before obtaining DPIN also.

 

5. How to Obtain Designated Partners Identification Number (DPIN)

 

·        All designated partners of the proposed LLP shall obtain “Designated Partner Identification Number (DPIN)” by filing an application individually online in Form -7 along with Rs. 100/-.

·        Take the print out of the application form, affix a latest passport size photograph and get it attested/certified for submission physically along with documentary evidences for proof of identify and proof of residence with the Registrar LLP.

·        The provisional DPIN will be valid for 60 days from the date on which it was generated.

·        Deliver the printed and signed application form, along with the prescribed documents by hand/courier/registered post to the Office of Registrar, Ministry of Corporate Affairs,  3^rd Floor, “Paryavaran Bhawan”, CGO Complex,

Lodhi Road, New Delhi

-110003.

6. LLP to intimate your DPIN to Registrar - After the designated partner has intimated the DPIN allotted to the LLP, the LLP is then required to intimate the DPINs of its designated partner to Registrar the in Form 4.

7. Then, one can proceed to file Incorporation document and statement in form 2 for formation of LLP, as pre-certified by a professional.

·        On submission of complete documents the Registrar after satisfying himself about compliance with relevant provisions of the LLP Act will register the LLP, maximum within 14 days of filing of Form-2 and will issue a certificate of incorporation in Form-16.

·        Form 3 (Information with regard to LLP agreement and changes, if any made therein) and Form-4 (Notice of Appointment of Partner/Designate Partner, his consent etc.) may be filed with the prescribed fee simultaneously at the time of filing Form-2 or within 30 days of the date of incorporation or within 30 days of such subsequent changes.

 

To understand the LLP Act, 2008, LLP Rules, 2009, LLP Forms, Statutory Fees or Professional service to form an Limited Liability Partnership (LLP), kindly visit What Professionals should know about Limited Liability Partnership (LLP) law in India as on 1st April 2009

 

 

No more triplicate or duplicate, the effect of eforms in Companies Act, 1956

The Ministry of Corporate Affairs (MCA) has made e-filing mandatory for most of the aspects in the Companies Act.  As a result of which there is no more meaning to the words duplicate or triplicate copies to be filed of a particular document as its made online.

 

Hence, MCA vide notification G.S.R. 70(E) dated 3.2.2009 has amended sections 220, 303 & 594 of Companies Act, 1956 by substituting the word COPY instead of triplicate or duplicate in relevant places.

 

Click here for the details of notification G.S.R 70 (E) - Modifications in section 220, 303 and 594 of Companies Act, 1956.

Schedule VI Horizontal Form of Balance Sheet under Companies Act in 6th Column....& AS 11

Yes, MCA vide Notification No. GSR 226(E) dated 31.03.2009 has made the following amendments in Schedule VI of Companies Act, 1956.

 

The following Explanation 1 & Explanation 2 as given in the Second Paragraph of the last column (6th Column) of A. Horizontal Form of Balance Sheet under Schedule VI of Companies, 1956 shall be omitted with effect from 31st March 2009.  For details, click Notification No. GSR 226(E) dated 31.03.2009

 

Explanation 1: This paragraph shall apply in relation to all balance-sheets that may be made out as at the 6th day of June,1966, or any day thereafter and where, at the date of issue of the notification of the Government of India, in the Ministry of Industrial Development and Company Affairs (Department of Company Affairs), G.S.R. No. 129, dated the 3rd day of January, 1968, any balance sheet, in relation, to which this paragraph applies, has already been made out and laid before the company in Annual General Meeting, the adjustment referred to in this paragraph may be made in the first balance-sheet made out after the issue of the said notification.

 

Explanation 2.—In this paragraph, unless the context otherwise requires, the expressions "rate of exchange", "foreign currency" and "Indian currency" shall have the meanings respectively assigned to them under sub-section (1) of section 43A of the Income-tax Act, 1961 (43 of 1961), and Explanation 2 and Explanation 3 of the said sub-section shall, as far as may be, apply in relation to the said paragraph as they apply to the said sub-section (1).

 

Further, The Companies (Accounting Standard) Amendment Rules, 2009 has amended Accounting Standard 11 (AS 11) on the effects of changes in Foreign Exchange Rates by including a provision no. 46 after 45.  The details of which can be accessed from Notification No. GSR 225(E) dated 31.03.2009

All PAN details online & you can verify it too now, keep filing

Thanks Ms. Monica Bhardwaj of CS Mysore 

Dear Professionals,

 

To enable eligible Entities verify Permanent Account Numbers (PANs), Income Tax Department (ITD) has authorized National Securities Depository Limited (NSDL) to launch an online PAN verification service for verification of PANs by authorized entities.

Entities who can avail of this facility:

• Government Agencies (Central/State)
• Reserve Bank of India
• Banks
• Depositories
• Depository Participants
• Mutual Funds
• Companies (Required to furnish Annual Information Return)
• Credit card Companies / Institutions
• Any other entity required to furnish Annual Information Return
• Stock Exchanges
• Companies and Government deductor (Required to file TDS/TCS return)

Service

This service has three modes of verification:
(1) Screen based verification
(2) File based verification
(3) Software (API) Based Verification

It would not be possible to mail you all the details since they are very exhaustive.

You will be required to visit the following links to get the exact details viz.
1. For Charges:
http://www.tin-nsdl.com/onlinepancharges.asp

2. For Pre-Requisites:
http://www.tin-nsdl.com/onlinepanprereq.asp

3. For Registration:
http://www.tin-nsdl.com/onlinepanreg.asp

4. For Registration Status Tracking
http://www.tin-nsdl.com/onlinepanregstatus.asp

5. For Authorisation:
http://www.tin-nsdl.com/onlinepanauth.asp

6. For Uploading Procedure:
http://www.tin-nsdl.com/onlinepanupproc.asp

All this is links are on the left panel of the below webpage: 
http://www.tin-nsdl.com/onlinepanintro.asp

Enjoy filing....

Swipe freely your Debit & ATM cards without any second thought now…

<>Customer charges for use of ATMs for cash withdrawal and balance enquiry RBI/2007-2008/260 DPSS No.1405 / 02.10.02 / 2007-2008 dated 10th March 2009 </> Sr.No. Service Charges (i) For use of own ATMs for any purpose Free (with immediate effect) (2) For use of other bank ATMs for balance enquiries Free (with immediate effect) (3) For use of other bank ATMs for cash withdrawals Free - with effect from April 1, 2009. For the services at (1) and (2) above, the customer will not be levied any charge under any other head and the service will be totally free. The service charges for the following types of cash withdrawal transactions may be determined by the banks themselves: (a) cash withdrawal with the use of credit cards (b) cash withdrawal in an ATM located abroad. Read the RBI circular in 83421.pdf

FII’s rush with your debt request to SEBI tonight when clock ticks 23:59 PM IST

Yes, as you are aware the Government of India reviewed the External Commercial Borrowing policy and increased the cumulative debt investment limit by USD 9 billion (from USD 6 billion to USD 15 billion) for FII investments in Corporate Debt.  Click here for the amendment.

1. As per SEBI circular No. IMD/FII & C/37/2009 dated February 06, 2009 USD 8 billion shall be allocated to the FIIs/ sub-accounts in an open bidding platform.
2. The remaining limit for investment in corporate debt shall be allocated among the FIIs/sub-accounts on a ‘first come first served’ basis in terms of SEBI circular dated January 31, 2008, subject to a ceiling of Rs.249 cr. per registered entity.
3. The debt requests in this regard shall be forwarded to the dedicated email id fii_debtrequests@sebi.gov.in . The window for first come first served process shall open at 23:59 PM IST, March 17, 2009. Time period for utilization of the allocated debt limit through first come first served shall be 11 working days from the date of the allocation.

Find more details of this circular no. IMD/FII & C/38/2009 dated March 13, 2009 in http://www.sebi.gov.in/circulars/2009/fii382009.html

Now Buy Back FCCB till 31st December 2009

1. Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to the A. P. (DIR Series) Circular No.39 dated December 08, 2008 on the captioned subject. In terms of Para 7 of the above circular, the entire procedure of buyback should be completed by the Indian Companies by March 31, 2009.

2. It has been decided to extend the date for completing the entire procedure for buyback of FCCBs from March 31, 2009 to December 31, 2009. Accordingly, the entire procedure of buyback should be completed by December 31, 2009.

3. All the other terms and conditions of buyback / prepayment of FCCBs as mentioned in A. P. (DIR Series) Circular No.39 dated December 08, 2008, shall remain unchanged.

For the status before this amendment, kindly click Prepayment of FCCB.

Click here for the said amendment RBI/2008-09/411 A. P. (DIR Series) Circular No. 58 dated 13th March 2009.