Securities and Exchange Board of India (Debenture Trustees) (Second Amendment) Regulations, 2000.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the date of their publication in the Official Gazette. II In Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 (hereinafter referred to as "regulations") 1) In regulation 2, (a) the existing clause (a) shall be renumbered as clause (aa). (b) the following clause shall be inserted namely :- "(a) 'associate' in relation to a debenture trustee, or body corporate shall include a person, - (i) who, directly or indirectly, by himself, or in combination with relatives, exercises control over the debenture trustee or the body corporate, as the case may be, or (ii) in respect of whom the debenture trustee or the body corporate, as the case may be, directly or indirectly, by itself, o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....within two years from the commencement of these Regulations." 4) In regulation 15, in sub-regulation (1), (a) in clause (g), the existing sub-clause (i) shall be substituted by the following, namely: "(i) in case where the allotment letter has been issued and debenture certificate is to be issued after registration of charge, the debenture certificates have been despatched by the body corporate to the debenture holders within 30 days of the registration of the charge with Registrar of Companies." (b) after clause (1), the following sub-clauses shall be inserted, namely:- "(m) appoint a nominee director on the Board of the body corporate in the event of; i) two consecutive defaults in payment of interest t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....de S.O. No.l35(E). (e) on May 28, 2000 by Securities and Exchange Board of India (Appeal to Securities Appellate Tribunal) (Amendment) Regulations, 2000 vide S.O. No. 278(E). SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 8th August 2000 Securities and Exchange Board of India (Debenture Trustees) (Second Amendment) Regulations, 2000 S.O. 743(E).- In exercise of the powers conferred by sub-section (1) of Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby makes the following regulations namely:- I (i) These regulations may be called the Securities and Exchange Board of India (Debenture Trustees) (Second Amendment) Regulations,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... clause (a) shall inter-alia contain: (i) mat the debenture trustee has agreed to act as such under the trust deed for securing an issue of debentures for the body corporate; (ii) the time limit within which the security for the debentures shall be created." 3) After regulation 13, the following regulation shall be inserted, namely:- "Debenture Trustee not to act for an associate 13A. 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....