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The Government of India recently issued norms for Indian
Depository Receipts (IDRs). 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 norm of average turnover of 500 million US $ should
be during the three preceding years of financial performance.

(4) The company should have declared a dividend of not less
than 10% during the last five years.

(5) All such companies need prior nod of SEBI.

Answer Posted / guest

( 4 ) The company should have declared a dividend of not
less than 10% during the last five years.

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