The Government of India recently issued norms for Indian
Depository Receipts (IRDs). Which of the following is NOT
TRUE in this regard?
1 The companies would have a pre-issue paid up capital and
free reserves of at least 500 million US $.
2 Average turnover of the company should be 500 million US $
3 The company should have declared a dividend of not less
than 10% during the last five years
4 The company should have declared a dividend of not less
than 10% during the last five years
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(4) The company should have declared a dividend of not less
than 10% during the last five years
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