ISSUE OF DEBENTURES
ISSUE OF
DEBENTURES
1.
Introduction:-- A debenture is a bond issued by a company under its seal,
acknowledging a debt and containing provisions as regards repayment of the
principal and interest.
Under section 71 (1) of the Companies Act 2013, a company may issue debentures with an option to convert such debentures into shares, either wholly or partly at the time of redemption. Provided that the issue of debentures with an option to convert such debentures into shares, wholly or partly, shall be approved by a special resolution passed at a duly convened general meeting.
Section 71 (2) further provides
that no company can issue any debentures which carry any voting rights.
Section 71 (4) provides that where debentures are issued by a company under this section, the company shall create a debenture redemption reserve account out of the profits of the company available for payment of dividend and the amount credited to such account shall not be utilized by the company for any purpose other than the redemption of debentures.
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