Associate prohibition for debenture trustees prevents trustees acting for associates or lending issuers, strengthening conflict-of-interest safeguards. Amendments redefine associate to include persons exercising or subject to control and common directors, require a written agreement with the issuer before opening the subscription list confirming trustee appointment and the time limit for creation of security, introduce Reg.13A barring trustees from acting for associates or lenders to the issuer with a two-year transitional compliance for prior issues, amend Reg.15 to mandate despatch of debenture certificates within thirty days of charge registration and empower trustees to appoint nominee directors and provide half-yearly disclosures to holders, and align Schedule IV with investor-protection guidelines on security creation timelines.
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Provisions expressly mentioned in the judgment/order text.
Associate prohibition for debenture trustees prevents trustees acting for associates or lending issuers, strengthening conflict-of-interest safeguards.
Amendments redefine associate to include persons exercising or subject to control and common directors, require a written agreement with the issuer before opening the subscription list confirming trustee appointment and the time limit for creation of security, introduce Reg.13A barring trustees from acting for associates or lenders to the issuer with a two-year transitional compliance for prior issues, amend Reg.15 to mandate despatch of debenture certificates within thirty days of charge registration and empower trustees to appoint nominee directors and provide half-yearly disclosures to holders, and align Schedule IV with investor-protection guidelines on security creation timelines.
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