Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
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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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