The Ministry of Corporate Affairs has notified Companies (Specification of definitions details) Third Amendment Rules, 2021 on August 5, 2021.
The Amendment inserts an explanation in in clause (h) of sub-rule (1) of Rule 2 of the Companies (Specification of definitions details) Rules, 2014.
The Explanation clarified that for the purpose of Rule 2(1)(h), electronic based offering of securities, subscription thereof or listing of securities in the International Financial Services Centres set up under section 18 of the Special Economic Zones Act, 2005 shall not be construed as ‘electronic mode’.
*Tanvi Singh, Editorial Assistant has reported this brief.