Driven by excellence, focused on strategies for the longer term.

This is the crux of who we are. It is an articulation of precision in purpose, from the Firm’s beginnings to where we are today. Our collective eye is unerringly trained on tomorrow.

Deep sectoral expertise across services and industries.

Our insistence on strategic advisory exacts an in-depth understanding of and involvement with our clients’ businesses and industries. We engage not just individual businesses, but also contribute to the country’s legal and regulatory frameworks.

Personal commitment supported by experience and grit.

We commit early. We pull together internally for greater support. Every effort is sincere, every individual deeply dedicated to their task, their role, to the Firm.

Our undertakings for long-term impact are an organic extension of our purpose.

They are to employ our deep knowledge of the law beyond the business, the transaction, the deal. To use the opportunities and skills we possess, to reflect on the culture we’re creating. Individually and collectively, these are our efforts to help shape the thinking of our future generations, and arm them with strategies for true, sustainable growth.

Knowledge-sharing is intrinsic to equity and inclusivity.

This is a repository of thought leadership, deep insights and strong viewpoints, legal and other news and events and how they impact the industry and our clients.

Relevance is critical to growth. It necessitates a firm that is dynamic and responsive.

Amplifying intrinsic talent, sharpening skills, expanding knowledge, is vital to leading. It defines every aspect of how our firm functions and transacts. This is how we create new benchmarks and set industry standards.

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Dec 31, 2020

Clarifications on Issue of Depository Receipts to NRIs

SEBI had, by its Circular dated October 10, 2019, prescribed the framework for issue of depository receipts, which inter alia barred non-resident Indians (‘NRIs’) from holding depository receipts issued by Indian companies. This Circular was discussed in our previous write-up available here. By its Circular dated December 18, 2020, SEBI has clarified that the above restriction will not apply to issue of depository receipts to NRIs pursuant to: (i) share based employee benefit schemes implemented in terms of the SEBI (Share Based Employee Benefits) Regulations, 2014; and (ii) a bonus or rights issue. Further, SEBI has clarified that the listed company will be responsible for identifying NRIs who are issued depository receipts under employee benefit schemes and for providing information of such NRI holders to the designated depository for the purpose of monitoring of limits.

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DISCLAIMER

These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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