Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
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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