Section 41 · Chapter III, Prospectus and Allotment of Securities
Global depository receipt
📚 Law Minded summary
A single sentence with a wide reach. A company may issue depository receipts in a foreign country — the instrument that lets an overseas investor hold an Indian company's shares through a foreign bank.
It needs a special resolution of the members first, and the manner and conditions are set by rules.
Section 41. Global depository receipt
A company may, after passing a special resolution in its general meeting, issue depository receipts in any foreign country in such manner, and subject to such conditions, as may be prescribed. PART II.—Private placement
All sections in Chapter III — Prospectus and Allotment of Securities