Debenture Trustee not to act for an associate

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.... (i) is an associate of the body corporate; (ii) beneficially holds shares in the company; (iii) is a promoter, director or key managerial personnel or any other officer or an employee of the company or its holding, subsidiary or associate company; (iv) is beneficially entitled to moneys which are to be paid by the company otherwise than as remuneration payable to the....

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....vided that this requirement shall not be applicable in respect of debentures issued: (i) wherever there is guarantee by the state / central government for the debentures issued.] (b) it has lent and the loan is not yet fully repaid or is proposing to lend money to the body corporate: Provided that this requirement shall not be applicable in respect of debentures issued p....

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.... A. Debenture Trustee not to act for an associate - No debenture trustee shall act as such for any issue of debentures in case- (a) it is an associate of the body corporate, or (b) it has lent or is proposing to lend money to the body corporate : Provided that in respect of debentures issued prior to the commencement of these regulations, the debenture trustee for such issue shall also co....