This book provides a comprehensive commentary on law relating to Corporate Bonds and Debentures. This book will find practical value and utility for the following communities and professionals:
• Corporate Practitioners
• Researchers/Academicians
• Students
The Present Publication is the Latest Edition, authored by Vinita Nair Dedhia (Senior Partner) & Abhirup Ghosh (Partner), with the following noteworthy features:
• It covers both issuers’ & investors perspective
• Includes substantial technical details such as the law pertaining to floating charges, debenture trustees, etc.
• Apart from the traditional corporate bonds, this book also covers application-specific bonds such as infrastructure bonds, masala bonds, green bonds, etc.
• Law stated in this book is amended up to 1st January, 2021
• The contents of the book are as follows:
• Introduction to Debentures & State of Corporate Bond Market in India
• Meaning of Debentures
• Types of Debentures
• State of Indian Corporate Bond Market
• Issuance of Debentures in India
• Debenture Issuance: Motivations and Terms of Use
• Modes of Issuance of Debentures and Regulatory Framework
• Issuance of Debentures in Accordance with Companies Act, 2013: Conditions Common for all Issuances
• Private Placement of Short Term NCDs
• Private Placement of Long Term NCDs
• Private Placement of NCD by NBFCs & HFCs
• Public Issue of Debentures in India
• Issue of Debentures Outside India
• Listing of Debentures in India & Associated Compliances
• Listing of Privately Placed Debentures
• Listing of Publicly Issued NCDs
• Post Listing Compliances under SEBI Regulations
• Post Listing Compliances under SEBI Circulars
• International Securities Identification Number: Procedures, Limits, etc.
• Issuance of NCDs Through Electronic Book Mechanism
• Intermediaries Associated with Issuance of Debentures
• Debenture Trustee
• Stamp Duty on Debentures
• Stamp Duty on Issue & Transfer of Debentures
• Investing in Debentures
• Investing in Debentures
• Rights of Debenture Holders
• Restructuring of Debentures
• Special Debt Securities
• Capital Adequacy Bonds
• Green Bonds
• Market Linked Debentures
• Infrastructure Bonds
• Accounting & Taxation Aspects of Debentures
• Accounting of Debentures
• Taxation Aspects of Debentures
4. 0
!
'
%
Dedication I-5
Acknowledgement I-7
About the Authors I-9
Preface I-11
DIVISION I
INTRODUCTION TO DEBENTURES & STATE
OF CORPORATE BOND MARKET IN INDIA
1
MEANING OF DEBENTURES
1.1
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Contents
7. 76
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PRIVATE PLACEMENT OF SHORT TERM NCDs
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PRIVATE PLACEMENT OF LONG-TERM NCDs
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11
ISSUE OF DEBENTURES OUTSIDE INDIA
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LISTING OF PUBLICLY ISSUED NCDs
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14
POST LISTING COMPLIANCES UNDER
SEBI REGULATIONS
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0
)
4
2
E
G
U
L
A
T
I
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S
289
Annex 14.1 :
!
U
T
H
E
N
T
I
C
A
T
I
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N
F
O
R
3
#
/
2
%
3
B
Y
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296
I-21
#
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4
%
.
4
3
23. -
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4
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$
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0
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308
Annex 14.10 :
0
R
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311
15
POST LISTING COMPLIANCES UNDER
SEBI CIRCULARS
15.1
-
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T
H
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Y
C
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P
L
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312
15.2
1
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P
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313
15.3
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A
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314
15.4
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314
15.5
%
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E
N
T
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A
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P
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317
Annex 15.1 :
O
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F
.
O
$
E
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3
T
A
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321
Annex 15.2 :
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Q
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323
Annex 15.3 :
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2
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324
Annex 15.4 :
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,
#
325
Annex.15.5 :
O
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M
A
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$
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326
Annex 15.6 :
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327
#
/
.
4
%
.
4
3
I-22
24. 0
!
'
%
Annex 15.7 :
$
I
S
C
L
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329
Annex 15.8 : $
I
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330
Annex 15.9 :
!
D
D
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A
L
#
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2
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!
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331
16
INTERNATIONAL SECURITIES IDENTIFICATION
NUMBER: PROCEDURES, LIMITS, ETC.
16.1
$
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P
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332
16.2
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337
16.6
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341
16.7
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16.8
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344
Annex 16.1 :
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345
Annex 16.2 :
,
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360
Annex 16.3 :
4
R
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2
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382
Annex 16.5 :
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#
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397
Annex 16.6 :
!
N
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398
Annex 16.7 :
.
3
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399
Annex 16.8 :
#
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3
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#
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401
Annex 16.9 :
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3
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404
Annex 16.10 :
#
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3
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#
O
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P
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405
I-23
#
/
.
4
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4
3
27. 0
!
'
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17
ISSUANCE OF NCDs THROUGH ELECTRONIC
BOOK MECHANISM
17.1
)
S
S
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406
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410
Annex 17.1 :
$
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413
DIVISION IV
INTERMEDIARIES ASSOCIATED WITH
ISSUANCE OF DEBENTURES
18
DEBENTURE TRUSTEES
18.1
#
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4
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417
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418
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419
18.6
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4
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419
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2
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420
18.8
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422
18.9
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425
18.10
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441
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444
18.14
#
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29. 0
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18.18
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18.19 ,
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18.20
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448
Annex 18.1 :
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#
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453
Annex 18.2 :
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3
(
$
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461
Annex 18.3 :
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465
Annex 18.4 :
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468
Annex 18.5 :
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A
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9
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472
Annex 18.6 :
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$
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#
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474
Annex 18.7 :
#
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#
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$
4
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475
DIVISION V
STAMP DUTY ON DEBENTURES
19
STAMP DUTY ON ISSUE TRANSFER
OF DEBENTURES
19.1
0
O
W
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T
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19.2
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3
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482
19.3
3
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M
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N
D
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485
19.4
3
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D
M
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486
19.5
3
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E
I
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S
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N
T
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487
19.6
3
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487
19.7
3
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T
R
A
N
S
-
A
C
T
I
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N
488
19.8
3
T
A
M
P
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T
Y
O
N
E
X
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C
I
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F
O
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T
I
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S
488
19.9
3
T
A
M
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Y
P
A
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A
B
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489
19.10
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32. 0
!
'
%
DIVISION VI
INVESTING IN DEBENTURES
20
INVESTING IN DEBENTURES
20.1
)
N
V
E
S
T
M
E
N
T
S
B
Y
M
U
T
U
A
L
F
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D
S
497
20.2
)
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V
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T
M
E
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T
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B
Y
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A
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P
A
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S
500
20.3
)
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V
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M
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20.4
)
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20.6
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#
$
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20.7
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20.8
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20.9
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R
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S
527
21
RIGHTS OF DEBENTURE HOLDERS
21.1
2
I
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#
!
34. 0
!
'
%
DIVISION VII
SPECIAL DEBT SECURITIES
23
CAPITAL ADEQUACY BONDS
23.1
E
A
T
U
R
E
S
556
23.2
-
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557
23.3
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23.4
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23.5
4
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566
Annex 23.1 :
!
D
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#
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570
Annex 23.3 :
/
P
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24
GREEN BONDS
24.1
%
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24.2
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576
25
MARKET LINKED DEBENTURES
25.1
4
H
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26
INFRASTRUCTURE BONDS
26.1
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,
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S
589
DIVISION VIII
ACCOUNTING TAXATION ASPECTS
OF DEBENTURES
27
ACCOUNTING OF DEBENTURES
27.1
!
C
C
O
U
N
T
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27.2
3
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27.3
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603
28
TAXATION ASPECTS OF DEBENTURES
28.1
4
A
X
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C
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611
28.2
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28.3
#
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D
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N
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H
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D
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R
620
DIVISION IX
MISCELLANEOUS
PRIVATE PLACEMENT v. PUBLIC ISSUE OF NCDs 625
TIMELINES FOR ISSUE AND LISTING OF PRIVATELY PLACED NCDs 635
TIMELINES FOR ISSUE LISTING OF PUBLICLY ISSUED NCDs 640
COMPLIANCES UNDER CA, 2013 FOR A DEBT LISTED COMPANY 649
GLOSSARY 653
ABBREVIATIONS 669
SUBJECT INDEX i
#
/
.
4
%
.
4
3
I-28
37. ISSUANCE OF DEBENTURES IN ACCORDANCE
WITH CA, 2013: CONDITIONS COMMON
FOR ALL ISSUANCES
6
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h
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n
CHAPTER 21 on ‘Rights of Debenture Holders’
.
57
38. 6.1.1 Nature of assets on which charge is to be created
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[As per the definition provided under Para
2
(
1
)
(
viiia
)
of Non-Banking Financial
(
Non-deposit accepting or hold-
ing
)
Companies Prudential Norms
(
Reserve Bank
)
Directions, 20071
]
1
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[Para 3
(
b
)
of Infrastructure Debt Fund - Non-Banking Financial Companies
(
Reserve Bank
)
Directions, 20112
]
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Additional Fee ap-
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in case of Small
companies and One
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normalfeesof` 600)
in case of other than
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60
41. Period of delay Due Date in
instant case
Additional Fee ap-
plicable (assuming
normalfeesof` 600)
in case of Small
companies and One
Person Companies
Additional Fee ap-
plicable (assuming
normalfeesof` 600)
in case of other than
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2
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Actual fee payable 1,01,800 5,03,600
TABLE 9: ADDITIONAL FEES PAYABLE IN CASE OF DELAY IN REGISTRATION
6.2.3 Filing with ROC
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.
[
S
e
c
t
i
o
n
7
7
o
f
C
A
,
2
0
1
3
]
.
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7
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2
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a
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a
t
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n
/
m
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fi
c
a
t
i
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n
.
6.2.4 Substantive rights of the creditors
R
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g
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f
c
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a
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-
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.
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d
a
s
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s
.
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fi
l
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.
61
R
E
G
I
S
T
R
A
T
I
O
N
O
F
C
H
A
R
G
E
Para 6.2
42. 6.2.5 Shift in priority from date of creation to date of filing
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2
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w
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p
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:
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n
.
[
English and Scottish Mercantile
Investment Co. Ltd.
(
1892
)
2 QB 700
(
CA
)
]
F
u
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shall not ad-
versely affect the rights of other intervening creditors
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d
.
6.2.6 Scheme for relaxation of time for filing forms related to cre-
ation or modification of charges5
6.2.6.1 About the Scheme -
T
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M
C
A
vide
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(
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.
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:
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2
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7
8
.
p
d
f
.
5
.
A detailed article on the same can be accessed at
h
t
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p
:
/
/
v
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o
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p
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Para 6.2
I
S
S
U
A
N
C
E
O
F
D
E
B
E
N
T
U
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E
S
I
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A
C
C
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D
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A
,
2
0
1
3
62
43. f
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s
f
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c
o
m
p
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y
fi
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g
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.
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seven months
i
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Figure 5: Applicability of the Scheme s
u
m
m
a
r
i
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s
t
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t
w
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b
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e
:
Applicability
Situation A
Date of creation/modification of
charge and timeline for filing has not
expired as on 01.03.2020
Situation B
Date of creation/modification of
charge is after 01.03.2020
FIGURE 5: APPLICABILITY OF THE SCHEME
Situation A
T
h
i
s
s
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a
t
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1
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.
Benefits under Situation A:
T
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ad valorem
f
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s
.
63
R
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G
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T
R
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N
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F
C
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A
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Para 6.2
44. T
h
i
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h
a
s
b
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n
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x
p
l
a
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d
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n
Figure 6: Analysis of Situation A
FIGURE 6: ANALYSIS OF SITUATION A
M
C
A
vide
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2
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.
Situation B
S
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u
a
t
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B
c
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Figure 7: Analysis of Situation B.
FIGURE 7: ANALYSIS OF SITUATION B
6.2.6.3 Cases to which the Scheme was not applicable
Refer Table 10: Situations in which Scheme will not apply
.
Sr. no Situations Applicability of Scheme
1
.
C
H
G
-
1
a
n
d
C
H
G
-
9
fi
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.
Para 6.2
I
S
S
U
A
N
C
E
O
F
D
E
B
E
N
T
U
R
E
S
I
N
A
C
C
O
R
D
A
N
C
E
W
I
T
H
C
A
,
2
0
1
3
64
45. Sr. no Situations Applicability of Scheme
F
u
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t
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r
,
a
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2.
F
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C
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-
4
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4
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n
t
u
r
e
s
m
a
t
u
r
i
n
g
d
u
r
i
n
g
t
h
e
y
e
a
r
e
n
d
i
n
g
o
n
3
1
s
t
M
a
r
c
h
o
f
n
e
x
t
y
e
a
r
.
T
h
e
a
m
o
u
n
t
s
o
m
a
i
n
t
a
i
n
e
d
i
n
t
h
e
D
R
R
c
a
n
n
o
t
b
e
u
t
i
l
i
s
e
d
f
o
r
a
n
y
p
u
r
p
o
s
e
o
t
h
e
r
t
h
a
n
r
e
d
e
m
p
t
i
o
n
o
f
t
h
e
d
e
b
e
n
t
u
r
e
s
[Rule 18
(
7
)
of SHA Rules].
T
h
e
p
o
s
i
t
i
o
n
f
o
r
m
a
i
n
t
e
n
a
n
c
e
o
f
D
R
R
f
o
r
B
a
n
k
s
,
F
i
n
a
n
c
i
a
l
I
n
s
t
i
t
u
t
i
o
n
s
,
N
o
n
-
B
a
n
k
i
n
g
F
i
n
a
n
c
e
C
o
m
p
a
n
i
e
s
(
N
B
F
C
s
)
a
n
d
N
o
n
-
B
a
n
k
i
n
g
N
o
n
-
F
i
-
n
a
n
c
i
a
l
C
o
m
p
a
n
i
e
s
(
N
B
N
F
C
s
)
i
s
s
u
m
m
a
r
i
z
e
d
i
n
Figure 8: DRR Require-
ment – Pre-amendment and Figure 9: DRR Requirement for Non-NBFCs
– Pre-amendment
8
.
h
t
t
p
:
/
/
w
w
w
.
m
c
a
.
g
o
v
.
i
n
/
M
i
n
i
s
t
r
y
/
p
d
f
/
S
h
a
r
e
C
a
p
i
t
a
l
R
u
l
e
s
_
1
6
0
8
2
0
1
9
.
p
d
f
.
Para 6.4
I
S
S
U
A
N
C
E
O
F
D
E
B
E
N
T
U
R
E
S
I
N
A
C
C
O
R
D
A
N
C
E
W
I
T
H
C
A
,
2
0
1
3
66
47. 6.4.1 Maintenance of DRR – Pre-amendment
CHART A
DRR
Requirements
AIFIs and
Banking
Companies
Not required
NBFCs
Registered
Public Issue 25% of value
Privately Placed
Listed Issues
Not
required
Privately placed
Unlisted Issues
Not
required
Unregistered or
Exempted
At par with
NBNFC
HFCs
At par with
NBNFC
FIs including
IFCs
At par with
regd NBFCs
NBNFCs
Refer
Chart B
FIGURE 8: DRR REQUIREMENT – PRE-AMENDMENT
CHART B
NBNCs
Listed
Public Issue 25% of value
Private Listed
Issue
25% of value
Private
Unlisted Issue
25% of value
Unlisted
Private
Unlisted Issue
25% of value
Private Listed
Issue
25% of value
FIGURE 9: DRR REQUIREMENT FOR NON-NBFCs – PRE-AMENDMENT
67
D
R
R
A
N
D
D
R
F
Para 6.4
48. 6.4.2 Maintenance of DRR – Post-amendment
P
u
r
s
u
a
n
t
t
o
t
h
e
a
m
e
n
d
m
e
n
t
s
i
n
t
r
o
d
u
c
e
d
b
y
t
h
e
C
o
m
p
a
n
i
e
s
(
S
h
a
r
e
C
a
p
i
t
a
l
a
n
d
D
e
b
e
n
t
u
r
e
s
)
(
A
m
e
n
d
m
e
n
t
)
R
u
l
e
s
,
2
0
1
9
,
t
h
e
r
e
q
u
i
r
e
m
e
n
t
o
f
c
r
e
a
t
i
o
n
o
f
D
R
R
f
o
r
p
r
i
v
a
t
e
l
y
p
l
a
c
e
d
d
e
b
e
n
t
u
r
e
s
w
a
s
d
o
n
e
a
w
a
y
w
i
t
h
.
A
s
y
n
o
p
s
i
s
h
a
s
b
e
e
n
p
r
o
v
i
d
e
d
i
n
Table 11: DRR requirement for different companies- Post
amendment.
Sr.
No
Applicability Requirement to create
DRR on public issue of
debentures
Requirement to create
DRR on private place-
ment of debentures
1
.
A
l
l
I
n
d
i
a
F
i
n
a
n
c
i
a
l
I
n
s
t
i
t
u
t
i
o
n
s
r
e
g
u
-
l
a
t
e
d
b
y
R
B
I
a
n
d
B
a
n
k
i
n
g
C
o
m
p
a
n
i
e
s
N
o
t
r
e
q
u
i
r
e
d
[
Rule 18(7)(b)(i)
]
N
o
t
r
e
q
u
i
r
e
d
[
Rule 18(7)(b)(i)
]
2
.
O
t
h
e
r
F
i
n
a
n
c
i
a
l
I
n
-
s
t
i
t
u
t
i
o
n
s
w
i
t
h
i
n
t
h
e
m
e
a
n
i
n
g
o
f
c
l
a
u
s
e
(
7
2
)
o
f
s
e
c
t
i
o
n
2
o
f
A
c
t
,
2
0
1
3
A
s
a
p
p
l
i
c
a
b
l
e
t
o
N
B
F
C
s
r
e
g
i
s
t
e
r
e
d
w
i
t
h
R
B
I
[
Rule 18(7)(b)(ii)
]
A
s
a
p
p
l
i
c
a
b
l
e
t
o
N
B
F
C
s
r
e
g
i
s
t
e
r
e
d
w
i
t
h
R
B
I
LISTED (other than those covered in 1 and 2)
3
.
N
B
F
C
/
H
F
C
N
o
t
R
e
q
u
i
r
e
d
[
Rule18(7)(b)(iii)(A)A
]
N
o
t
R
e
q
u
i
r
e
d
[
Rule 18 (7) (b) (iii) (B)
]
4
.
N
o
n
-
N
B
F
C
/
H
F
C
N
o
t
R
e
q
u
i
r
e
d
[
Rule18(7)(b)(iii)(A)B
]
N
o
t
R
e
q
u
i
r
e
d
[
Rule 18 (7) (b) (iii) (B)
]
UNLISTED (other than those covered in 1 and 2)
5
.
N
B
F
C
/
H
F
C
N
.
A
N
o
t
R
e
q
u
i
r
e
d
[
Rule 18 (7) (b) (iv) (A)
]
6
.
N
o
n
-
N
B
F
C
/
H
F
C
N
.
A
1
0
%
o
f
o
u
t
s
t
a
n
d
i
n
g
v
a
l
u
e
o
f
d
e
b
e
n
t
u
r
e
s
.
[
Rule 18 (7) (b) (iv) (B)
]
Remarks
E
a
r
l
i
e
r
,
t
h
e
r
e
w
a
s
n
o
e
x
-
e
m
p
t
i
o
n
f
o
r
p
u
b
l
i
c
i
s
s
u
e
t
o
N
B
F
C
s
/
H
F
C
s
a
n
d
o
t
h
e
r
l
i
s
t
e
d
e
n
t
i
t
i
e
s
.
E
a
r
l
i
e
r
,
t
h
e
r
e
w
a
s
n
o
e
x
-
e
m
p
t
i
o
n
f
o
r
N
o
n
-
N
B
F
C
s
a
n
d
t
h
e
r
e
q
u
i
r
e
m
e
n
t
t
o
c
r
e
a
t
e
w
a
s
2
5
%
.
TABLE 11: DRR REQUIREMENT FOR DIFFERENT COMPANIES - POST AMENDMENT
6.4.3 Maintenance of DRF – Pre-amendment
O
n
l
y
a
c
o
m
p
a
n
y
r
e
q
u
i
r
e
d
t
o
c
r
e
a
t
e
D
R
R
w
a
s
r
e
q
u
i
r
e
d
t
o
m
a
i
n
t
a
i
n
a
t
l
e
a
s
t
1
5
p
e
r
c
e
n
t
o
f
t
h
e
a
m
o
u
n
t
o
f
i
t
s
d
e
b
e
n
t
u
r
e
s
m
a
t
u
r
i
n
g
d
u
r
i
n
g
t
h
e
y
e
a
r
e
n
d
i
n
g
Para 6.4
I
S
S
U
A
N
C
E
O
F
D
E
B
E
N
T
U
R
E
S
I
N
A
C
C
O
R
D
A
N
C
E
W
I
T
H
C
A
,
2
0
1
3
68
50. o
r
o
t
h
e
r
F
I
s
a
s
p
e
r
t
h
e
c
l
a
u
s
e
o
f
s
e
c
t
i
o
n
2
(
7
2
)
.
T
h
e
n
e
w
r
u
l
e
w
a
s
a
l
s
o
m
a
d
e
a
p
p
l
i
c
a
b
l
e
f
o
r
N
B
F
C
s
h
a
v
i
n
g
p
r
i
v
a
t
e
l
y
p
l
a
c
e
d
d
e
b
t
s
e
c
u
r
i
t
i
e
s
.
(b) Companies (Share Capital and Debentures) (Amendment) Rules,
2020
C
o
n
s
i
d
e
r
i
n
g
t
h
e
p
r
a
c
t
i
c
a
l
d
i
f
f
i
c
u
l
t
i
e
s
i
n
c
r
e
a
t
i
o
n
o
f
D
R
F
b
y
s
o
m
e
c
o
m
p
a
n
i
e
s
d
u
e
t
o
t
h
e
i
n
t
r
o
d
u
c
t
i
o
n
o
f
A
m
e
n
d
m
e
n
t
R
u
l
e
s
,
2
0
1
9
,
t
h
e
M
i
n
i
s
t
r
y
h
a
s
p
a
r
t
i
a
l
l
y
m
o
d
i
f
i
e
d
t
h
e
p
r
o
v
i
s
i
o
n
o
f
t
h
e
R
u
l
e
s
i
n
t
u
n
e
t
o
e
x
e
m
p
t
f
o
l
l
o
w
i
n
g
:
(
i
)
L
i
s
t
e
d
N
B
F
C
s
r
e
g
i
s
t
e
r
e
d
w
i
t
h
R
B
I
u
n
d
e
r
s
e
c
t
i
o
n
4
5
-
I
A
o
f
t
h
e
R
B
I
A
c
t
,
1
9
3
4
a
n
d
f
o
r
H
o
u
s
i
n
g
F
i
n
a
n
c
e
C
o
m
p
a
n
i
e
s
r
e
g
i
s
t
e
r
e
d
w
i
t
h
N
a
t
i
o
n
a
l
H
o
u
s
i
n
g
B
a
n
k
a
n
d
c
o
m
i
n
g
u
p
w
i
t
h
i
s
s
u
a
n
c
e
o
f
d
e
b
t
s
e
c
u
r
i
t
i
e
s
o
n
p
r
i
v
a
t
e
p
l
a
c
e
m
e
n
t
b
a
s
i
s
.
(
ii
)
O
t
h
e
r
l
i
s
t
e
d
c
o
m
p
a
n
i
e
s
c
o
m
i
n
g
u
p
w
i
t
h
i
s
s
u
a
n
c
e
o
f
d
e
b
t
s
e
c
u
-
r
i
t
i
e
s
o
n
p
r
i
v
a
t
e
p
l
a
c
e
m
e
n
t
b
a
s
i
s
.
6.4.4 Maintenance of DRF – Post-amendment
Sr.
No
Applicability
R
e
q
u
i
r
e
m
e
n
t
t
o
invest
in liquid instruments
in case of public issue
o
f
d
e
b
e
n
t
u
r
e
s
R
e
q
u
i
r
e
m
e
n
t
t
o
invest
in liquid instruments
in case of private
placement
o
f
d
e
b
e
n
-
t
u
r
e
s
1
.
A
l
l
I
n
d
i
a
F
i
n
a
n
c
i
a
l
I
n
s
t
i
-
t
u
t
i
o
n
s
r
e
g
u
l
a
t
e
d
b
y
R
B
I
a
n
d
B
a
n
k
i
n
g
C
o
m
p
a
n
i
e
s
N
o
t
R
e
q
u
i
r
e
d
N
o
t
R
e
q
u
i
r
e
d
2
.
O
t
h
e
r
F
i
n
a
n
c
i
a
l
I
n
s
t
i
t
u
-
t
i
o
n
s
w
i
t
h
i
n
t
h
e
m
e
a
n
i
n
g
o
f
c
l
a
u
s
e
(
7
2
)
o
f
s
e
c
t
i
o
n
2
o
f
A
c
t
,
2
0
1
3
N
o
t
R
e
q
u
i
r
e
d
N
o
t
R
e
q
u
i
r
e
d
LISTED (other than those covered in 1 and 2)
3
.
N
B
F
C
/
H
F
C
R
e
q
u
i
r
e
d
.
B
e
i
n
g
a
c
o
m
p
a
n
y
c
o
v
-
e
r
e
d
u
n
d
e
r
[Rule 18(7)(b)(iii)(A)]
N
o
t
R
e
q
u
i
r
e
d
.
(
N
o
t
e
:
W
a
s
r
e
q
u
i
r
e
d
a
s
p
e
r
A
m
e
n
d
m
e
n
t
R
u
l
e
s
,
2
0
1
9
)
[
Rule 18(7)(b)(iii)(B)
]
4
.
N
o
n
-
N
B
F
C
/
H
F
C
R
e
q
u
i
r
e
d
B
e
i
n
g
a
c
o
m
p
a
n
y
c
o
v
-
e
r
e
d
u
n
d
e
r
[Rule 18(7)(b)(iii)(A)]
N
o
t
R
e
q
u
i
r
e
d
.
(
N
o
t
e
:
W
a
s
r
e
q
u
i
r
e
d
a
s
p
e
r
A
m
e
n
d
m
e
n
t
R
u
l
e
s
,
2
0
1
9
)
[
Rule 18(7)(b)(iii)(B)
]
Para 6.4
I
S
S
U
A
N
C
E
O
F
D
E
B
E
N
T
U
R
E
S
I
N
A
C
C
O
R
D
A
N
C
E
W
I
T
H
C
A
,
2
0
1
3
70
51. Sr.
No
Applicability
R
e
q
u
i
r
e
m
e
n
t
t
o
invest
in liquid instruments
in case of public issue
o
f
d
e
b
e
n
t
u
r
e
s
R
e
q
u
i
r
e
m
e
n
t
t
o
invest
in liquid instruments
in case of private
placement
o
f
d
e
b
e
n
-
t
u
r
e
s
UNLISTED (other than those covered in 1 and 2)
5
.
N
B
F
C
/
H
F
C
N
.
A
N
o
t
R
e
q
u
i
r
e
d
6
.
N
o
n
-
N
B
F
C
/
H
F
C
N
.
A
R
e
q
u
i
r
e
d
.
B
e
i
n
g
a
c
o
m
p
a
n
y
c
o
v
-
e
r
e
d
u
n
d
e
r
[
Rule 18(7)(b)(iv)(B)
]
Remarks
E
a
r
l
i
e
r
o
n
l
y
a
c
o
m
p
a
n
y
r
e
q
u
i
r
e
d
t
o
c
r
e
a
t
e
D
R
R
h
a
d
t
o
i
n
v
e
s
t
i
n
l
i
q
u
i
d
i
n
s
t
r
u
m
e
n
t
s
.
N
o
w
t
h
e
r
e
q
u
i
r
e
m
e
n
t
i
s
i
n
d
e
p
e
n
d
e
n
t
.
TABLE 12: DRF REQUIREMENT FOR DIFFERENT COMPANIES - POST AMENDMENT
6.4.5 Applicability of DRR and DRF provisions in a nutshell
All India Financial Institutions and Banking Companies
All India Financial
Institutions and
Banking Companies
Listed Company
Public Issue
Not required
Private Placement
Not required
Unlisted Company
Public Issue
Not required
Private
Placement
Not required
FIGURE 10: DRR DRF REQUIREMENT FOR AI-FIs BANKING COMPANIES
NBFCs registered with RBI under section 45-IA of RBI Act, 1934 and
Housing Finance Companies registered with National Housing Bank
71
D
R
R
A
N
D
D
R
F
Para 6.4
52. NBFCs
Listed
Public Issue
1. DRR not
required
2. DRF required
Private
Placement
1. DRR not required
2. DRF not required
Unlisted
1. DRR not
required
2. DRF not required
FIGURE 11: DRR DRF REQUIREMENT FOR NBFCs
Other Companies
Other Companies
Listed
Public Issue
1. DRR not required
2. DRF required
Private Placement
1. DRR not required
2. DRF not required
Unlisted
1. DRR required- 10%
of value of debenture
2. DRF required
FIGURE 12: DRR DRF REQUIREMENT FOR OTHER COMPANIES
Para 6.4
I
S
S
U
A
N
C
E
O
F
D
E
B
E
N
T
U
R
E
S
I
N
A
C
C
O
R
D
A
N
C
E
W
I
T
H
C
A
,
2
0
1
3
72
54. 6.5 REDEMPTION OF DEBENTURES
D
e
b
e
n
t
u
r
e
s
,
u
n
l
e
s
s
i
n
t
h
e
n
a
t
u
r
e
o
f
p
e
r
p
e
t
u
a
l
d
e
b
t
i
n
s
t
r
u
m
e
n
t
s
,
h
a
s
a
fi
x
e
d
t
e
n
u
r
e
.
T
h
e
r
e
d
e
m
p
t
i
o
n
o
f
d
e
b
e
n
t
u
r
e
s
n
e
e
d
s
t
o
b
e
c
a
r
r
i
e
d
o
u
t
i
n
c
o
m
p
l
i
a
n
c
e
w
i
t
h
p
r
o
v
i
s
i
o
n
s
o
f
C
A
,
2
0
1
3
a
n
d
S
E
B
I
R
e
g
u
l
a
t
i
o
n
s
,
i
n
c
a
s
e
t
h
e
d
e
b
e
n
t
u
r
e
s
a
r
e
l
i
s
t
e
d
.
T
h
e
a
m
o
u
n
t
s
c
r
e
d
i
t
e
d
t
o
D
R
R
c
a
n
b
e
u
t
i
l
i
s
e
d
f
o
r
t
h
e
p
u
r
p
o
s
e
o
f
r
e
d
e
m
p
-
t
i
o
n
[
Rule 18
(
7
)
(
d
)
of SHA Rules].
D
R
F
m
a
i
n
t
a
i
n
e
d
b
y
t
h
e
C
o
m
p
a
n
y
w
i
l
l
a
l
s
o
b
e
u
t
i
l
i
z
e
d
f
o
r
t
h
e
r
e
d
e
m
p
t
i
o
n
o
f
d
e
b
e
n
t
u
r
e
s
.
[Proviso to Rule
18
(
7
)
(
b
)
(
vi
)
of SHA Rules]
6.5.1 Events resulting in redemption
T
h
e
d
e
b
e
n
t
u
r
e
s
c
a
n
b
e
r
e
d
e
e
m
e
d
o
n
f
o
l
l
o
w
i
n
g
e
v
e
n
t
s
:
a.
A
t
t
h
e
t
i
m
e
o
f
m
a
t
u
r
i
t
y
;
b.
E
a
r
l
y
r
e
d
e
m
p
t
i
o
n
(
w
i
t
h
t
h
e
c
o
n
s
e
n
t
o
f
t
h
e
d
e
b
e
n
t
u
r
e
h
o
l
d
e
r
s
)
;
c.
E
x
e
r
c
i
s
e
o
f
C
a
l
l
O
p
t
i
o
n
b
y
I
s
s
u
e
r
;
d.
E
x
e
r
c
i
s
e
o
f
P
u
t
O
p
t
i
o
n
b
y
i
n
v
e
s
t
o
r
;
e.
P
u
r
s
u
a
n
t
t
o
t
r
i
g
g
e
r
o
f
e
v
e
n
t
o
f
d
e
f
a
u
l
t
;
6.5.2 At the time of maturity
I
n
t
h
i
s
c
a
s
e
,
t
h
e
d
e
b
e
n
t
u
r
e
s
a
r
e
r
e
d
e
e
m
e
d
a
t
t
h
e
t
i
m
e
o
f
m
a
t
u
r
i
t
y
s
p
e
c
i
fi
e
d
i
n
t
h
e
t
e
r
m
s
h
e
e
t
.
A
s
e
c
u
r
e
d
d
e
b
e
n
t
u
r
e
,
a
s
p
e
r
C
A
,
2
0
1
3
c
a
n
n
o
t
h
a
v
e
a
t
e
n
u
r
e
e
x
c
e
e
d
i
n
g
1
0
y
e
a
r
s
u
n
l
e
s
s
t
h
e
s
a
m
e
h
a
s
b
e
e
n
i
s
s
u
e
d
b
y
c
o
m
p
a
n
i
e
s
e
l
i
g
i
b
l
e
t
o
i
s
s
u
e
w
i
t
h
3
0
y
e
a
r
s
m
a
t
u
r
i
t
y
.
6.5.3Earlyredemption(withtheconsentofthedebentureholders)
W
h
e
r
e
t
h
e
i
s
s
u
e
r
i
n
t
e
n
d
s
t
o
r
e
d
e
e
m
b
e
f
o
r
e
t
h
e
m
a
t
u
r
i
t
y
,
i
t
c
a
n
e
a
r
l
y
r
e
d
e
e
m
a
l
l
t
h
e
d
e
b
e
n
t
u
r
e
s
b
y
a
l
t
e
r
i
n
g
t
h
e
t
e
r
m
s
o
f
i
s
s
u
e
w
i
t
h
t
h
e
c
o
n
s
e
n
t
o
f
t
h
e
d
e
b
e
n
t
u
r
e
h
o
l
d
e
r
s
.
E
a
r
l
y
r
e
d
e
m
p
t
i
o
n
r
e
s
u
l
t
s
i
n
b
u
y
-
b
a
c
k
o
f
d
e
b
e
n
t
u
r
e
s
,
h
o
w
e
v
e
r
,
S
e
c
t
i
o
n
6
8
o
f
C
A
,
2
0
1
3
d
o
e
s
n
o
t
a
t
t
r
a
c
t
i
n
t
h
a
t
c
a
s
e
a
s
t
h
e
s
e
c
t
i
o
n
d
e
a
l
s
w
i
t
h
b
u
y
-
b
a
c
k
o
f
s
h
a
r
e
s
a
n
d
o
t
h
e
r
s
p
e
c
i
fi
e
d
s
e
c
u
r
i
t
i
e
s
t
h
a
t
d
o
e
s
n
o
t
i
n
c
l
u
d
e
d
e
b
e
n
t
u
r
e
s
.
6.5.4 Exercise of Call Option by Issuer
W
h
e
r
e
t
h
e
i
s
s
u
a
n
c
e
h
a
s
a
n
e
m
b
e
d
d
e
d
C
a
l
l
o
p
t
i
o
n
,
t
h
e
s
a
m
e
c
a
n
b
e
e
x
e
r
-
c
i
s
e
d
b
y
t
h
e
i
s
s
u
e
r
d
u
r
i
n
g
t
h
e
o
p
t
i
o
n
e
x
e
r
c
i
s
e
p
e
r
i
o
d
.
T
h
i
s
i
s
a
c
o
m
m
o
n
p
h
e
n
o
m
e
n
o
n
i
n
c
a
s
e
o
f
i
s
s
u
e
o
f
p
e
r
p
e
t
u
a
l
d
e
b
t
i
n
s
t
r
u
m
e
n
t
s
.
A
s
p
e
r
B
a
s
e
l
I
I
I
g
u
i
d
e
l
i
n
e
s
,
i
s
s
u
e
r
c
a
n
e
x
e
r
c
i
s
e
c
a
l
l
o
p
t
i
o
n
w
i
t
h
t
h
e
p
r
i
o
r
a
p
p
r
o
v
a
l
o
f
R
B
I
a
f
t
e
r
t
h
e
i
n
s
t
r
u
m
e
n
t
h
a
s
r
u
n
f
o
r
a
t
l
e
a
s
t
1
0
y
e
a
r
s
.
Para 6.5
I
S
S
U
A
N
C
E
O
F
D
E
B
E
N
T
U
R
E
S
I
N
A
C
C
O
R
D
A
N
C
E
W
I
T
H
C
A
,
2
0
1
3
74
55. 6.5.5 Exercise of Put Option by investor
P
u
t
o
p
t
i
o
n
i
s
e
x
e
r
c
i
s
e
d
b
y
t
h
e
d
e
b
e
n
t
u
r
e
h
o
l
d
e
r
w
h
e
r
e
h
e
h
a
s
t
h
e
r
i
g
h
t
t
o
s
e
l
l
t
h
e
d
e
b
e
n
t
u
r
e
t
o
t
h
e
i
s
s
u
e
r
a
n
d
r
e
d
e
e
m
t
h
e
d
e
b
e
n
t
u
r
e
s
b
e
f
o
r
e
t
h
e
m
a
t
u
r
i
t
y
.
T
h
e
o
p
t
i
o
n
p
e
r
i
o
d
i
s
p
r
o
v
i
d
e
d
i
n
t
h
e
t
e
r
m
s
h
e
e
t
i
t
s
e
l
f
.
6.5.6 Pursuant to trigger of event of default
W
h
e
n
a
n
i
s
s
u
e
r
f
a
i
l
s
t
o
c
o
m
p
l
y
w
i
t
h
a
n
y
o
f
t
h
e
c
o
v
e
n
a
n
t
s
m
e
n
t
i
o
n
e
d
u
n
d
e
r
D
e
b
e
n
t
u
r
e
T
r
u
s
t
D
e
e
d
o
r
m
a
k
e
s
a
n
y
d
e
f
a
u
l
t
i
n
p
a
y
m
e
n
t
o
f
i
n
t
e
r
e
s
t
a
m
o
u
n
t
,
t
h
e
d
e
b
e
n
t
u
r
e
h
o
l
d
e
r
s
/
D
e
b
e
n
t
u
r
e
T
r
u
s
t
e
e
c
a
n
d
e
m
a
n
d
e
a
r
l
y
r
e
d
e
m
p
t
i
o
n
p
u
r
s
u
a
n
t
t
o
b
r
e
a
c
h
o
f
c
o
v
e
n
a
n
t
r
e
s
u
l
t
i
n
g
i
n
e
v
e
n
t
o
f
d
e
f
a
u
l
t
.
R
e
a
d
m
o
r
e
u
n
d
e
r
C
H
A
P
T
E
R
2
1
d
e
a
l
i
n
g
w
i
t
h
‘
R
i
g
h
t
s
o
f
D
e
b
e
n
t
u
r
e
h
o
l
d
e
r
s
’
.
6.5.7 Consequence of default in terms of a debenture
T
h
e
c
o
m
p
a
n
y
i
s
r
e
q
u
i
r
e
d
p
a
y
i
n
t
e
r
e
s
t
a
n
d
r
e
d
e
e
m
t
h
e
d
e
b
e
n
t
u
r
e
s
i
n
a
c
c
o
r
-
d
a
n
c
e
w
i
t
h
t
h
e
t
e
r
m
s
a
n
d
c
o
n
d
i
t
i
o
n
s
o
f
i
s
s
u
e
[Section 71
(
8
)
of CA, 2013].
A
c
o
n
t
r
a
c
t
w
i
t
h
t
h
e
c
o
m
p
a
n
y
t
o
t
a
k
e
u
p
a
n
d
p
a
y
f
o
r
a
n
y
d
e
b
e
n
t
u
r
e
s
o
f
t
h
e
c
o
m
p
a
n
y
c
a
n
b
e
e
n
f
o
r
c
e
d
b
y
a
d
e
c
r
e
e
f
o
r
s
p
e
c
i
fi
c
p
e
r
f
o
r
m
a
n
c
e
[Section
71
(
12
)
of CA, 2013].
6.5.7.1 Penal provisions -
S
e
c
t
i
o
n
7
1
p
r
o
v
i
d
e
s
p
e
n
a
l
p
r
o
v
i
s
i
o
n
o
n
l
y
i
n
c
a
s
e
t
h
e
i
s
s
u
e
r
f
a
i
l
s
t
o
c
o
m
p
l
y
w
i
t
h
t
h
e
o
r
d
e
r
o
f
t
h
e
T
r
i
b
u
n
a
l
.
I
n
c
a
s
e
t
h
e
c
o
m
p
a
n
y
f
a
i
l
s
t
o
c
o
m
p
l
y
w
i
t
h
a
n
y
o
t
h
e
r
c
o
n
d
i
t
i
o
n
s
p
e
c
i
fi
e
d
i
n
S
e
c
t
i
o
n
7
1
o
r
R
u
l
e
1
8
o
f
S
H
A
R
u
l
e
s
,
t
h
e
r
e
i
s
n
o
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p
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76
59. LAW PRACTICE
RELATING TO CORPORATE
BONDS DEBENTURES
Author : Vinita Nair Dedhia ,
Abhirup Ghosh
Edition : 2021
ISBN No : 9789390585083
Rs. 1595 USD 59
Date of Publication : January 2021
Weight (Kgs) : 1.08
No. of papers : 736
ORDER NOW
Description
This book provides comprehensive commentary on law relat-
ing to Corporate Bonds and Debentures. This book will find
practical value and utility for the following communities and
professionals:
Corporate Practitioners
Researchers/Academicians
Students
The Present Publication is the Latest Edition, authored by Vin-
ita Nair Dedhia (Senior Partner) Abhirup Ghosh (Partner),
with the following noteworthy features:
It covers both issuers’ investors perspective
Includes substantial technical details such as the law per-
taining to floating charges, debenture trustees, etc.
Apart from the tradition corporate bonds, this book also
covers application-specific bonds such as infrastructure
bonds, masala bonds, green bonds, etc.
Law stated in this book is amended up to 1st January, 2021