Amended and updated notes on section 41 of Companies Act 2013. Detail discussion on provisions and rules related to global depository receipt.
Chapter III (Sections 23–42) of the Companies Act, 2013 (CA 2013) deals with the provisions related to prospectus and allotment of securities. Section 41 of CA 2013 provides for global depository receipt.
Recently, we have discussed in detail section 40 (Securities to be dealt with in stock exchanges) of CA 2013. Today, we learn the provisions of section 41 of Companies Act 2013 read with Companies (Issue of Global Depository Receipts) Rules, 2014.
Section 41 of the Companies Act, 2013 has been notified by the Ministry of Corporate Affairs (MCA) vide Notification No. S.O. 902(E) issued dated 27.03.2014. This notification was come into force from 1st April, 2014 i.e. the commencement date of section 41 is 1-4-2014.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | III |
| Chapter Name | Prospectus and Allotment of Securities |
| Section No. | 41 |
| Section Name | Global Depository Receipt |
| Monthly Updated Edition | Company Law PDF |
Section 41 of Companies Act 2013: Global depository receipt
Section 41 shall come into force on 1st April, 2014 vide Notification No. S.O. 902(E) issued dated 27.03.2014.
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.
Conditions for Issue of Depository Receipts has been prescribed in Rule 4 of Companies (Issue of Global Depository Receipts) Rules, 2014.