The Department of Telecommunication on 2nd August 2022, has notified amendments to the unified license agreement in which it has stated that if there is any change in FDI in the licensee’s company, the licensee shall also submit the FDI compliance report within 15 days.
As per clause 1.2 under the general conditions on ownerships of the licensee company, the licensee shall declare the Indian & Foreign equity structure in the licensee company and submit a compliance report regarding compliance of FDI norms and security conditions on the 1st day of January of every year to the licensor in proforma as may be prescribed from time to time. This is to be certified by company secretary or statutory auditor, countersigned by duly authorized director of the licensee company.
When there is a change in FDI in the licensee’s company, the licensee shall also submit the FDI compliance report within 15 days.
Further, under clause 1.6(ii), the licensee shall declare paid-up capital and submit a compliance report on 1st day of January of every year to the licensor in proforma as may be prescribed from time to time, this is to be certified by the company secretary or statutory auditor, countersigned by duly authorized director of the licensee company.
