https://www.taxtmi.com/caselaws?id=461321 Conversion of debt into equity under SARFAESI does not, by itself, override company-law and securities-law requirements for issuing and listing the resulting shares. Section 9 of SARFAESI permits conversion of a debt portion into shares, but the borrower company must still comply with Section 62 of the Companies Act, 2013 for further issue of share capital. Section 35 did not displace that requirement because no inconsistency with the Companies Act was shown, and Section 37 makes SARFAESI supplementary rather than exclusionary. Regulation 28 of the SEBI LODR Regulations also continued to apply, requiring in-principle approval before issuance; the scheme-of-arrangement exemption was inapplicable. en-us Tue, 21 Dec 2021 00:00:00 +0530 Fri, 28 Mar 2025 19:00:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461321 Conversion of debt into equity under SARFAESI does not, by itself, override company-law and securities-law requirements for issuing and listing the resulting shares. Section 9 of SARFAESI permits conversion of a debt portion into shares, but the borrower company must still comply with Section 62 of the Companies Act, 2013 for further issue of share capital. Section 35 did not displace that requirement because no inconsistency with the Companies Act was shown, and Section 37 makes SARFAESI supplementary rather than exclusionary. Regulation 28 of the SEBI LODR Regulations also continued to apply, requiring in-principle approval before issuance; the scheme-of-arrangement exemption was inapplicable. Case-Laws Companies Law Tue, 21 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461321