Is prior permission of the Reserve Bank required for disinvestment of existing holding in a JV/WOS?

A. No prior approval of the Reserve Bank is required for disinvestment, either by way of sale to another Indian Party (which is eligible to make such investments under the Automatic Route) or to a person resident outside India, provided ,
a. the disinvestment does not result in a write-off (however, listed Indian companies have been permitted a write-off of capital upto 10% of the previous years export realization);
b. the overseas concern has repatriated all its dues;
c. the overseas concern has been in operation for at least one year and has submitted upto date APR with the prescribed documents;
d. the Indian Party is not under investigation by any investigative/ regulatory authority;
e. the sale is to be effected through a stock exchange where the shares of the overseas JV or WOS are listed;
f. if the shares are not listed on the stock exchange, and the disinvestment is by private arrangement, the sale price of the share is not less than the value certified by a Chartered Accountant/Certified Public Accountant/Category I Merchant Banker registered with SEBI.
The above conditions are applicable even when an Indian Party wants to windup/close its existing JV/WOS.