Debenture trustees protect debenture holders and may seek government orders to restrict further liabilities when assets are insufficient. Section 117B mandates appointment and disclosure of consent of debenture trustees before issuing a debenture offer, disqualifies specified interested persons from appointment, and assigns trustees the duty to protect debenture holders by ensuring asset sufficiency, consistency of the prospectus with the trust deed, remedying breaches of covenants, calling holders' meetings, and petitioning the Central Government to impose restrictions on further liabilities where assets are or will become insufficient.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Debenture trustees protect debenture holders and may seek government orders to restrict further liabilities when assets are insufficient.
Section 117B mandates appointment and disclosure of consent of debenture trustees before issuing a debenture offer, disqualifies specified interested persons from appointment, and assigns trustees the duty to protect debenture holders by ensuring asset sufficiency, consistency of the prospectus with the trust deed, remedying breaches of covenants, calling holders' meetings, and petitioning the Central Government to impose restrictions on further liabilities where assets are or will become insufficient.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
