Examples of Offshore Transaction in a sentence
A Security may be transferred only to the Depositary or to another Person if both (i) such Person is a Qualified Purchaser and (ii) such transfer is (x) to a Qualified Institutional Buyer in compliance with Rule 144A, (y) in an Offshore Transaction (as defined in Rule 9012) in compliance with Rule 903 or Rule 904, or (z) to an Institutional Accredited Investor in a private placement.
Notes may not be offered, sold, pledged or otherwise transferred except (i) in an "Offshore Transaction" (as such term is defined under Regulation S) and (ii) to or for the account or benefit of a Permitted Transferee.
Consequently, the Indian Tax Authority had no territorial tax jurisdiction to tax the said Offshore Transaction.
The said Offshore Transaction was between HTIL (a Cayman Islands company) and VIH (a company incorporated in Netherlands).
The said Offshore Transaction evidences participative investment and not a sham or tax avoidant preordained transaction.