Effect of registration refusal: debenture trustees must cease acting upon receipt of the Board's refusal communication. A debenture trustee whose application for grant or renewal of a registration certificate is refused by the Board must cease to act as a debenture trustee from the date of receipt of the communication informing refusal; earlier versions allowed the Board discretion to permit continuation of activities undertaken prior to refusal in the interest of investors, subject to conditions.
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.
Effect of registration refusal: debenture trustees must cease acting upon receipt of the Board's refusal communication.
A debenture trustee whose application for grant or renewal of a registration certificate is refused by the Board must cease to act as a debenture trustee from the date of receipt of the communication informing refusal; earlier versions allowed the Board discretion to permit continuation of activities undertaken prior to refusal in the interest of investors, subject to conditions.
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 
