Rollover of Non-Convertible Positions

The non-convertible position by a listed company, the value of which exceeds Rs 50 lakh, can be without change in the interest rate object to (I) Section 121 of the Companies Act following conditions, if the company is not in default: (i) passing of a resolution by postal bullet having assent of at least 75 per cent of the debentures: (ii) redemption of debentures of all the dissenting holders, (iii) obtaining at least two credit ratings of a minimum investment grade within six months prior to the date of redemption and communicating to the debenture-holders before  rollover, (iv) execution of fresh trust deed, and (v) creation of fresh security in respect of roll over debentures.

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