Regulation 64 - Roll over of non-convertible portion of partly convertible debt instruments
Securities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018 Part II ISSUE OF CONVERTIBLE DEBT INSTRUMENTS AND WARRANTS
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Roll over of non-convertible portion of partly convertible debt instruments permitted with holder approval, disclosures and credit rating. Regulation 64 permits roll over of the non-convertible portion of partly convertible debt instruments issued by a listed issuer above the specified threshold, subject to Companies Act compliance and conditions: at least 75% holders' approval by postal ballot, circulation of an auditors' certificate on cash flow and liquidity with the resolution notice, issuer undertaking to redeem for dissenting holders, and a credit rating from a registered agency obtained within one month prior to redemption and communicated to holders; creation of fresh security or trust deed is not mandatory if existing documents provide for continuance, with the debenture trustee deciding necessity.
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.
Roll over of non-convertible portion of partly convertible debt instruments permitted with holder approval, disclosures and credit rating.
Regulation 64 permits roll over of the non-convertible portion of partly convertible debt instruments issued by a listed issuer above the specified threshold, subject to Companies Act compliance and conditions: at least 75% holders' approval by postal ballot, circulation of an auditors' certificate on cash flow and liquidity with the resolution notice, issuer undertaking to redeem for dissenting holders, and a credit rating from a registered agency obtained within one month prior to redemption and communicated to holders; creation of fresh security or trust deed is not mandatory if existing documents provide for continuance, with the debenture trustee deciding necessity.
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