Question

What condition is deemed to be satisfied under Section 41 for issuing depository receipts?

a.

Obtaining approval from the Ministry of Finance

b.

Passing a resolution by the Board of Directors

c.

Approval from the Reserve Bank of India (RBI)

d.

Special resolution passed under Section 62 for the issue of shares underlying the depository receipts

Answer: (d).Special resolution passed under Section 62 for the issue of shares underlying the depository receipts Explanation:A special resolution passed under Section 62 for the issue of shares underlying the depository receipts is deemed to be a special resolution for the purpose of Section 41.

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Q. What condition is deemed to be satisfied under Section 41 for issuing depository receipts?

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