Act Info:
(1) Notwithstanding anything contained in section 81 of the Companies Act, 1956(1 of 1956), no person shall, except with the general or special permission of the Reserve Bank,-
(a) take or send any security to any place outside India;
(b) transfer any security, or create or transfer any interest in a security, to or in favour of a person resident outside India;
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(d) issue, whether in India or elsewhere, any security which is registered or to be registered in India, to a person resident outside India;
(e) acquire, hold or dispose of any foreign security.
(2) Where the holder of a security is a nominee, neither he nor any person through whose agency the exercise of all or any of the holder's rights in respect of the security is controlled shall, except with the general or special permission of the Reserve Bank, do any act, whereby he recognises or gives effect to the substitution of another person as the person from whom he directly receives instructions, unless both the persons previously instructing and the person substituted for that person were, immediately before the substitution, resident in India.