Conversion of debentures: scheduled banks may convert only after issuer default and after prior notice. The amendment adds a definition of scheduled bank, includes scheduled banks alongside public financial institutions in conversion-related rule provisions, and inserts a proviso permitting conversion by a scheduled bank or public financial institution only upon the company's default in repayment, redemption or interest and after prior notice of intention to convert given to the company at least one month before the intended conversion date.
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.
Conversion of debentures: scheduled banks may convert only after issuer default and after prior notice.
The amendment adds a definition of scheduled bank, includes scheduled banks alongside public financial institutions in conversion-related rule provisions, and inserts a proviso permitting conversion by a scheduled bank or public financial institution only upon the company's default in repayment, redemption or interest and after prior notice of intention to convert given to the company at least one month before the intended conversion date.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
