The revamped regime has introduced several new definitions, and new provisions, and has also done away with the approval requirements in certain cases as provided under the Directions for
(i) deferred payment of consideration,
(ii) investment or disinvestment by persons resident in India under investigation by any investigative agency or regulatory body,
(iii) issuance of corporate guarantee to or on behalf of the second or subsequent level step down subsidiary, and
(iv) write-off on account of disinvestment.
Although the approval requirement has been removed, there are certain conditions required to be fulfilled as provided in the revamped regime for such transactions.
Source: Barandbench
