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        Corp. Laws, SEBI & IBC

        Cabinet approves second financial restructuring of Konkan Railway Corporation Ltd.

        December 15, 2017

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        Conversion of preference shares into compulsorily convertible form restores positive net worth and preserves market access. Conversion of Non Cumulative Redeemable Preference Shares held by the President of India (through the Ministry of Railways) into Compulsorily Convertible Non Cumulative Preference Shares is implemented so that, under IND AS restatement of prior balance sheets, the instrument can be treated as share capital rather than showing a liability component that would render Konkan Railway Corporation Limited's net worth negative; the conversion restores positive net worth and averts adverse credit, bidding and 'sick company' classification consequences.

        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.

        <h1>Conversion of preference shares into compulsorily convertible form restores positive net worth and preserves market access.</h1> Conversion of Non Cumulative Redeemable Preference Shares held by the President of India (through the Ministry of Railways) into Compulsorily Convertible Non Cumulative Preference Shares is implemented so that, under IND AS restatement of prior balance sheets, the instrument can be treated as share capital rather than showing a liability component that would render Konkan Railway Corporation Limited's net worth negative; the conversion restores positive net worth and averts adverse credit, bidding and 'sick company' classification consequences.

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