The Ministry of Corporate Affairs (MCA) has notified the Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022.
The notification provided that no offer or invitation of any securities under this rule shall be made to a body corporate incorporated in, or a national of, a country which shares a land border with India, unless such body corporate or the national, as the case may be, have obtained Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and attached the same with the private placement offer cum application letter.
The amended rules shall be applicable with effect from 5th May 2022.
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