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A company proposes to make an ADR issue and a sponsored ADR issue together

Accounting

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A company proposes to make an ADR issue and a sponsored ADR issue together. This has the following implication:

(a) Both the issues will be held invalid

(b) The company will be prosecuted in both countries

(c) The promoters will be held liable to imprisonment

(d) The foreign merchant banker will be asked to punish the Indian merchant banker

(e) Directors of the company will be held liable

(f) Foreign investors can demand refund of money from domestic investors