PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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The text examines whether deeming language in a debenture trust deed effects automatic conversion of optionally convertible debentures absent statutory and corporate compliance, and whether a put option exercise followed by non-redemption gives rise to financial debt under insolvency law. It reasons that Clause 6(b)'s deeming operates only upon actual allotment and completion of statutory steps (authorised capital, RoC filings, ISIN activation, credit to demat), so conversion was incomplete. Clause 10/11 rights allowed the trustee to exercise the put after 60 months; failure to redeem on the Put Notice constituted default and financial debt, justifying admission of the insolvency petition.
The text examines whether deeming language in a debenture trust deed effects automatic conversion of optionally convertible debentures absent statutory and corporate compliance, and whether a put option exercise followed by non-redemption gives rise to financial debt under insolvency law. It reasons that Clause 6(b)'s deeming operates only upon actual allotment and completion of statutory steps (authorised capital, RoC filings, ISIN activation, credit to demat), so conversion was incomplete. Clause 10/11 rights allowed the trustee to exercise the put after 60 months; failure to redeem on the Put Notice constituted default and financial debt, justifying admission of the insolvency petition.
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