Credit rating requirement for convertible debt: issuers must obtain and disclose registered agency ratings prior to public or rights issues. Companies issuing convertible debt must obtain and disclose credit ratings from a registered agency, appoint debenture trustees and execute a trust deed, disclose and create security with stated ranking and asset cover, maintain a debenture redemption reserve as per the Companies Act, hold issue proceeds in escrow until security documents are executed, and follow prescribed roll-over and conversion procedures including debenture-holder resolutions, fresh ratings, trustee oversight and specified offer disclosures.
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Provisions expressly mentioned in the judgment/order text.
Credit rating requirement for convertible debt: issuers must obtain and disclose registered agency ratings prior to public or rights issues.
Companies issuing convertible debt must obtain and disclose credit ratings from a registered agency, appoint debenture trustees and execute a trust deed, disclose and create security with stated ranking and asset cover, maintain a debenture redemption reserve as per the Companies Act, hold issue proceeds in escrow until security documents are executed, and follow prescribed roll-over and conversion procedures including debenture-holder resolutions, fresh ratings, trustee oversight and specified offer disclosures.
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