Can IDR Holders withdraw the Deposited Shares represented by the IDRs from the IDR Facility?
IDR Holders may only withdraw the Deposited Shares with the prior approval of the RBI. In addition, under Indian law, there is an absolute prohibition on the withdrawal of Deposited Shares for a period of one year following the date of the issue of the IDRs. Each IDR Holder will have to individually approach the RBI for such approval at their own expense. At present, there is no specified format for making such an application. An IDR Holder will have to make a general application pursuant to the provisions of FEMA. There can be no assurance that such approval will be granted by the RBI in a timely manner or at all. Moreover, IDR Holders will not be able to withdraw fractions of Shares. In addition, IDR Holders who are able to cancel their IDRs and become shareholders of the Company may still be subject to certain limitations not applicable to other shareholders.
