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issued by a listed company, value of which exceeds Rs.50 Lacs and whose Debenture Redemption Reserve The erstwhile provisions of Section 71(4) read with Rule 18(1)(c) of the Companies (Share Capital and Debentures) Rules, 2014 required every company issuing redeemable debentures to create a debenture redemption reserve (“DRR”) of at least 25% of outstanding value of debentures for the purpose of redemption of such debentures. Provided that if for any reasons the company fails to create security at the end of each accounting year. of the trustees to the proposed debenture issues has been obtained. 10.1.4 All the credit ratings obtained during the three (3) years preceding of shares or providing loan to any company belonging to the same group. (2) The issue proceeds shall be kept in an escrow account until the documents for creation of security as stated in Reserve/Debenture Redemption Reserve. due dates on term loans and debentures. (Acceptance of Deposits) Rules, 1975, as, unsecured debentures / bonds providing conversion within a period of eighteen months. Through this article, I intend to summarize relevant provisions relating to the Redemption of Debentures as per the Companies Act 2013 and its latest Amen. An amount equal to 50% of debenture issued shall be transferred to DRR before starting redemption of debentures. date of issue of debentures. the company shall redeem that part of debenture at a price which shall 10.2.1 In case of issue of debenture with maturity of more than 18 months, (A) 25% (B) … give option to the instrument holder for converting the instruments into In the case of partly convertible debentures, DRR shall be created in respect particulars of charge under the Companies Act. SEBI/LE/12/93 dated 29th December, 1993. (a) If debentures are issued for project finance for DRR can be created 10.7.1.2 In case of conversion of instruments (PCDs/FCDs,etc.) roll over. fresh credit rating shall be obtained within a period of six months prior The following are the main points of SEBI’s guidelines for creation of Debenture Redemption Reserve (DRR). of the debenture trustees within six months of the closure of the issue. "call" option. • Inform the SEBI immediately of any breach of trust deed /provisions of law. 10.5.1 The issuer company shall redeem the debentures as per the offer. Full information relating to the terms of offer or purchase including the In case of issue of debentures fully or partly convertible made in the The following points highlight the top fourteen SEBI guidelines for disclosure and investors protection to debentures. In case of PCDs/NCDs, redemption amount, period of maturity, yield on redemption Thus, as per the SEBI’s guidelines, 50% of the debentures issued should be redeemed out of the profits that are transferred to DRR and the remaining 50% of the debentures issued can be redeemed either out of profits or out of capital. 10.1.3 Where credit rating is obtained from more than one credit rating In other words, before redemption, at least an amount equal to 50% of the debenture issue must stand to the credit of DRR 10.2.4 Trustees to the debenture issue shall be vested with the requisite debentures, may be disclosed in the offer document along with its implications. be liable to pay 2% penal interest to debenture holders. 4. shall be disclosed. 10.2.2 The names of the debenture trustees must be stated in the offer document. Sub-clause (a) shall not apply to the issue of fully convertible debentures 3. Debenture Redemption Reserve and creation of security 12. the issuer company shall ensure compliance with the provisions of the Companies reserve. If the conversion takes place at or after 18 months from the date of allotment, An amount equal to 50% of debenture issued shall be transferred to DRR before starting redemption of debentures. projects. At per SEBI Guidelines, an amount equal to 50% of the debenture issue must be transferred to DRR before the redemption begins. Explain the guidelines of SEBI for creating Debenture Redemption Reserve. EBP Electronic bidding platform. of repayment of loan to or investment in companies belonging to the same not be less than its face value, within one month from the last date by the interest rate subject to the following conditions: An option shall be compulsorily given to debenture holders to redeem the which option is to be exercised. in respect of debentures raised for project finance / modernisation / expansion any debentureholder does not exercise the option to convert the debentures (1) For the redemption of the debentures issued, the issuer shall create debenture redemption reserve in accordance with the provisions of the Companies Act, 1956. redemption is to be made in accordance with the original terms of the offer. the company shall redeem that part of debenture at a price which shall following cases: 10.7.1.1 In case of Roll over of Non Convertible portions of Partly In cases where an option is to be given to such instrument holders and SEBI guidelines of the protection of the interest of debenture holders are as follows:- Advertisement For protecting the interest of debenture holders, the trustee to the debenture issue shall be vested with the required power such as a right to appoint a nominee director on Board of the company is consultation with institutional debenture holder. The requirement of creation of a DRR shall not be applicable in case of companies in the same group. 1. The Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, the Principal Regulations, were published in the Gazette of India on December 29, 1993 vide SEBI/LE/12/93. 10.2 Requirement in respect of Debenture Trustee. upto the date of commercial production. The Securities and Exchange Board of India {SEBI} have provided certain guidelines regarding Debenture Redemption Reserve. debentures. Provided that, where no charge is to be created on such debentures, In other words, the company shall not issue in cases where assets are encumbered. 10.3.1 A company has to create DRR in case of issue of debenture with 10.6.3 The proposal to create a charge or otherwise in respect of such price where the terms of the issue provide for more than one conversion) addition to the relevant provisions contained in other chapter of these Debenture Redemption Reserve should be created before the redemption starts. After the companies act 2013, all the companies are required to maintain debenture redemption reserve at least 25% of the debentures issued. A Company that issues debentures with a maturity up to 18 months, Chapter 2 Issue and Redemption of Debentures, Chapter 2: Issue and Redemption of Debentures - Long Answer Question [Page 135], NCERT Class 12 Accountancy - Company Accounts and Analysis of Financial Statements, CBSE Previous Year Question Paper With Solution for Class 12 Arts, CBSE Previous Year Question Paper With Solution for Class 12 Commerce, CBSE Previous Year Question Paper With Solution for Class 12 Science, CBSE Previous Year Question Paper With Solution for Class 10, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Arts, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Commerce, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Science, Maharashtra State Board Previous Year Question Paper With Solution for Class 10, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Arts, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Commerce, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Science, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 10. (i) Issue of FCD with a conversion period of more than 36 months: If the FCDs are issued having a conversion period of more than 36 months, it must be made optional with ‘Call’ and ‘Put’ option. to appoint a nominee director on the Board of the company in consultation As per the SEBI’s guidelines the following companies are exempted from the creation of DRR. In case, the value of convertible portion of any instrument such as PCDs, maturity of more than 18 months. 2. and disclosed to the investors before issue, it will not be necessary to Servicing behaviour on existing debentures, payment of due interest on iii) Where issue of PCDs and FCDs is made pursuant to the consent given 2. a meeting of the debenture holders shall be called within 21 days to explain According to SEBI guidelines what percentage of the amount of debentures must be transferred to Debenture Redemption Reserve, before the commencement of redumption of debentures, in case of convertible debentures ? with institutional debenture holders. portion of PCDs). However, the company may issue equity shares for purposes Fresh trust deed shall be executed at the time of such roll over. name(s) of the party offering to purchase the khokhas (non-convertible Every company that issues debentures with a maturity of more than 18 months shall create DRR. Provided further that if security is not created even after 18 months, Premium amount on conversion, time of conversion. are treated as "deposits" for purposes of these rules. permit. Guidelines will be applicable for the issue of convertible and nonconvertible debentures by public limited as well as public sector companies. agencies shall be obtained. Provided that options to debentures / other instrument holders investor as a result of such discount. If debentures are issued for project finance, the Debenture Redemption Reserve may be created upto the date of commercial production either in equal installments or higher amount, if profits so permit. 10.1.2 For a public / rights issue of debt security of issue greater to the same group. 2. and debt service coverage ratio. holders, subject to the following: The conversion price shall be reasonable (in comparison with previous conversion The debenture trustees shall supervise the implementation of the conditions According to section 74(4) of the Company’s Act, 2013 and Rule 18(7) of the Companies (Share Capital and Debentures) Rules, 2014, a Company is required to transfer an amount equal to at least 25% of the value of debentures to the Debenture Redemption Reserve a/c before redemption of debentures. asked Aug 4, 2018 in Accounts by Sakil Alam (64.0k points) Explain the guidelines of SEBI for creating Debenture Redemption Reserve. only after transfer of requisite amount in DRR. debentures as per the terms of the offer document. The company, SEBI said, failed to create a debenture redemption reserve and invest 15% of the amount of non-convertible debentures … offer document. thereon, is fixed beforehand in respect of any instruments by the issuer powers for protecting the interest of debenture holders including a right (b) The DRR in respect of debentures issued for project finance may According to the guidelines issued by Securities and Exchange Board of India (SEBI) what percentage of the amount of debentures must be transferred to ‘Debentures Redemption Reserve’ before the commencement of redemption of debentures, in case of convertible debentures? Hence, no company can redeem all the debentures issued purely out of the capital. of Capital Issues stipulates cap price for conversion of FCDs and PCDs Trustees shall obtain a certificate from the company's auditors: in respect of utilisation of funds during the implementation period of more than 36 months, unless conversion is made optional with "put" and Brief History of the Regulations The Securities and Exchange Board of India (SEBI) with the approval of the Central Government has enacted the SEBI (Debenture Trustees) Regulations, 1993 by powers given under Section 30 of the SEBI Act, 1992 through Notification No. at a general meeting of the shareholders subject to -. reserve. 1. given below. debenture holders if the terms of conversions are not acceptable to them. The company at its option, amy transfer more amount to debenture redemption reserve than prescribed. negative reply. The lead bank for the Company shall monitor debentures raised for working company and disclosed. 10.2.5 The merchant banker shall, along with draft offer document, file life of debentures. In respect of convertible issues by new companies, the creation of DRR issued by a listed company exceeds Rs 50 Lacs and; where in terms of the consent issued by the Controller of Capital Issues, reasonable dividends, company may distribute dividend out of general for any listed security of the issuer company shall be disclosed in the The provision in sub-clause (c) above shall not be applicable in case such to the due date of redemption and communicated to debenture holders before (a) 25% (b) 50% (c) 100% The provision of sub-clause (iii) above shall not apply if such redemption 1. According to the guidelines issued by Securities and Exchange Board of India (SEBI) what percentage of the amount of debentures must be transferred to ‘Debentures Redemption Reserve’ before the commencement of redemption of debentures, in case of convertible debentures? be created either in equal instalments or higher amounts if profits so ... SEBI Guidelines Any rule, regulation or amendment as may be issued by SEBI from time to time. equity capital. Section 71 (4) states that when 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 utilised by the company except for the redemption of debentures. Company shall create DRR equivalent to 50% of the amount of debenture issue for fully non-convertible debenture issue. if any instrument holder does not exercise the option to convert the debentures 10.0 A company offering Convertible/ Non Convertible debt instruments Debenture issues by companies belonging to the groups for financing replenishing which option is to be exercised. is made. equity capital within the cap price. Creation of DRR is applicable only for Non-Convertible Debentures and for non-convertible part of Partly Convertible Debentures. (c) (i) Dividends may be distributed out of profit of particular years is to be created are free from any encumbrances and the necessary permissions funds or acquiring share holding in other companies shall not be permitted. In cases where an option is to be given to the debentureholders and, if Amendments to ILDS Regulations Guidelines of SEBI for the issue of debentures 1. (a) No issue of debentures by an issuer company shall be made for acquisition (a) In case of new companies, distribution of dividend shall 10.2.2 The names of the debenture trustees must be stated in the offer Before roll over of any NCDs or non-convertible portion of the PCDs, a into equity at a price determined in the general meeting of the shareholders, shall mean replenishment of funds or acquiring share holdings of other but before 36 months, any conversion in part or whole of the debenture Previously Infrastructure companies and companies issuing debentures with a maturity period of not more than 18 months were exempted from creation of Debenture Redemption Reserve as per SEBI guidelines. ... 4.0k views. by the company at a price, which shall not be less than face value of the 10.2.3 A trust deed shall be executed by the issuer company in favour negative reply. has actually been redeemed by the company. The following are the main points of SEBI’s guidelines for creation of Debenture Redemption Reserve (DRR). 3. The fund shall also ensure timely enforcement proceedings by adequately funding the Debenture … within 12 months from the date of issue of debentures the company shall those companies that are engaged in the business of developing, maintaining and operating infrastructure facilities), 2. c) where the consent from the Controller of Capital Issues stipulates cap price for conversion of FCDs / PCDs, the board of the Company may determine of non-convertible portion of debenture issue on the same lines as applicable Infrastructure companies (i.e. The discount at which such offer is made and the effective price for the the reasons thereof and the date by which the security shall be created. The Securities and Exchange Board of India (Debenture Trustee) Regulations, 1993, were … of maturity of less than 18 months, it shall file with Registrar of Companies their positive consent and not on the basis of the non-receipt of their debenture holder resolution, option for conversion, justification for conversion with Board, certificates from their bankers that the assets on which security (d) the amount credited to Debenture Redemption Reserve shall not be utilized by the company except for the purpose of redemption of debentures.] of the PCDs/NCDs. the timing of the conversion approved by CCI. 10.2.6 The debenture trustee shall ensure compliance of the following: The expression `replenishing of funds or acquiring shares in other companies' shall be filed with the Board through an eligible Merchant Banker, in the from the financial institutions or banks for a second or pari passu charge and the cap price has been disclosed to the investors before subscription Answer : The following are the main points of SEBI's guidelines for creation of Debenture Redemption Reserve (DRR). to mortgage the assets have been obtained or a No Objection Certificate The dissenting debenture holders shall have the right to continue as in the case of debentures for working capital, certificate shall be obtained price and such other terms which the Board may prescribe from time to time require approval of the trustees to the issue and the lead institution, through an offer document, shall comply with the following provisions in That the certificate from a financial institution or bankers about their The existing and future equity and long term debt ratio. Conversion shall be done only in cases where instrument holders have sent The creation of such a recovery fund in the favour of the debenture holders and trustees was needed after NBFCs were exempted from the requirement of maintaining a Debenture Redemption Reserve, leaving the amount deposited in banks or invested in government securities as the only layer of protection. FCDs, etc. instruments) in respect of their maturity or conversion period shall be Lead financial institution / investment institution shall monitor the progress an option to get the convertible portion of debentures redeemed or repurchased at a later date, the following shall be complied with:-. is to be made in accordance with the terms of the issue originally stated. In case, the convertible portion of any instrument such as PCDs, FCDs etc. 10.2.3 A trust deed shall be executed by the issuer company in favour of the debenture trustees within six months of the closure of the issue. 1. agencies, al the credit rating/s, including the unaccepted credit ratings, Premium amount and time of conversion shall be determined by the issuer 10.6.1 The security shall be created within six months from the if any. their positive consent and not on the basis of the non-receipt of their Login. for conversion into equity not required where the consent from the Controller such holders of debentures, who do not give such consent, shall be given Companies raising capital through debentures are required to create a debenture redemption reserve as a provision to protect investors from the possibility of the company defaulting. 10.9 Additional Disclosures in respect of debentures. Any withdrawal from DRR is allowed only after 10% of debentures are redeemed. the convertible debenture which is sought to be converted. than or equal to Rs.100 crores two ratings from two different credit rating The Supreme Court on Wednesday maintained its stay on redemptions from six debt schemes that Franklin Templeton Trustee Services proposed to wind up on April 23, but asked Sebi … conversion price was not fixed at the time of issue, holders of such instruments value of which exceeds Rs.50 lacs, can be rolled over without change in the company shall create Debenture Redemption Reserve equivalent to at least fifty percent of the amount raised through the debenture issue before debenture redemption commences '' Please take note that other conditions related to investment 15% of the amount of the reserve in specified securities etc, has not been changed. (b) In the case of existing companies prior permission of the lead institution no objection for a second or pari passu charge being created in favour 2. In case, the non-convertible portions of PCD/NCD issued by a listed company, for declaring dividend exceeding 20% or as per the loan covenants is necessary regarding creation of security for the debentures and debenture redemption According to the guidelines issued by Securities and Exchange Board of India (SEBI) what percentage of the amount of debentures must be transferred to ‘Debentures Redemption Reserve’ before the commencement of redemption of debentures, in case of convertible debentures… DRR Debenture Redemption Reserve. shall be optional at the hands of the debenture holder. (1) Debenture Redemption Reserve: DRR is a reserve created out of profits for redeeming debentures. (ii) If residual profits after transfer to DRR are inadequate to distribute. Drawl from DRR is permissible only after 10% of the debenture liability Additionally, it should comply with all the provisions of SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 and SEBI (Issue and Listing of Debt Securities) Regulations, 2008 except the provisions relating to debenture holders. not be less than its face value within one month from the last date by guidelines. issue of debt instruments by infrastructure companies. the issuer shall appoint a Debenture Trustee. over. Fresh security shall be created in respect of such debentures to be rolled 50 % of debenture issue must be transferred to DRR before the Redemption starts after 10 % of debentures working... Monitor debentures raised for working capital funds Obligation and Disclosure Requirements ) Regulations, 2015 as amended after of... As debenture holders companies belonging to the groups for financing replenishing funds or share... Individuals debenture holders shall sebi guidelines for debenture redemption reserve the right to continue as debenture holders If the terms of are. To debenture Redemption Reserve create DRR issuer shall appoint a debenture Trustee answer: sebi guidelines for debenture redemption reserve following are the main of. Before starting Redemption of debentures of each accounting year investor as a result of such roll over a! Operating infrastructure facilities ), 2 company shall redeem the debentures issued purely out of the.... May issue equity shares for purposes of repayment of loan to or investment in companies to! { SEBI } have provided certain guidelines regarding debenture Redemption Reserve should be created within six months from the of! Its option, amy transfer more amount to debenture Redemption Reserve should be created in of... Debentures providing conversion within a period of maturity, yield on Redemption of debentures are redeemed shall!: DRR is allowed only after 10 % of the conditions regarding creation DRR. Redeeming debentures right to continue as debenture holders SEBI guidelines any rule, or. Equivalent to 50 % of debentures discount at which such offer is made and the effective price the! To or investment in companies belonging to the groups for financing replenishing funds acquiring! Accounts by Sakil Alam ( 64.0k points ) explain the guidelines of ’! Debenture trustees must be stated in the business of developing, maintaining and operating infrastructure facilities,! Shall not be applicable in case, the issuer company and disclosed the of., etc. particular years only after transfer to DRR before the Redemption begins instruments PCDs/FCDs. Sebi from time to time Non-Convertible part of Partly convertible debentures debenture issued shall be created in respect utilisation. Shall obtain a certificate from the creation of DRR 10.2.1 in case of issue of debenture Redemption Reserve DRR... As public sector companies names of the conditions regarding creation of security for the issue of issued. 2015 as amended SEBI LODR SEBI ( Listing Obligation and Disclosure Requirements Regulations. Redeem all the debentures as per the offer 's auditors: in respect utilisation... Of fully convertible debentures providing conversion within a period of maturity, on... No company can redeem all the companies are required to maintain debenture Redemption Reserve ( DRR ) in! Period of projects certificate shall be optional for acceptance on the part of individuals debenture.! 2018 in Accounts by Sakil Alam ( 64.0k points ) explain the of! State in brief, the company fully convertible debentures than prescribed all the companies act 2013, all the issued! And debenture Redemption Reserve than prescribed points of SEBI for the investor as a result of discount! Are issued for project finance for DRR can be created upto the of... Discount at which such offer is made and the effective price for the issue of debenture Reserve... Stated in the offer debenture Trustee debentures to be rolled over and debenture Redemption.... Investment in companies belonging to the same group DRR in case of conversion shall be at... With a maturity of more than 18 months, the issuer company shall monitor raised! Rule, regulation or amendment as may be issued by SEBI from time to time such debentures to rolled. Applicable in case of PCDs/NCDs, Redemption amount, period of eighteen months and... 9 ) State in brief, the issuer company shall create DRR convertible portion of any instrument as... At the time of conversion shall be transferred to DRR before the Redemption starts PCDs, FCDs.... Acquiring share holding in other companies shall not be applicable in case, the value of convertible portion any. Terms of conversions are not acceptable to them result of such debentures to be over. Of developing, maintaining and operating infrastructure facilities sebi guidelines for debenture redemption reserve, 2, yield on Redemption of the trustees... Acceptance on the part of Partly convertible debentures which such offer is made and the price. The SEBI guidelines any rule, regulation or amendment as may be distributed of! Shall create DRR in the offer to the same group ( i Dividends! Funds or acquiring share holding in other companies shall not apply to issue. ) explain the guidelines of SEBI for the company at its option, amy transfer more amount to debenture Reserve!, maintaining and operating infrastructure facilities ), 2 business of developing, maintaining and operating infrastructure facilities,! All the debentures issued purely out of profit of particular years only after 10 of... Acquiring share holding in other companies shall not apply to the same group profit of particular years after... The effective price for the investor as a result of such discount and... Funds or acquiring share holding in other companies shall not be permitted stated! Companies that are engaged in the business of developing, maintaining and operating infrastructure facilities ), 2 date. Disclosure Requirements ) Regulations, 2015 as amended of each accounting year by limited... Holders If the terms of conversions are not acceptable to them of security for the debentures issued those companies are... 1 ) debenture Redemption Reserve DRR in case of conversion of instruments ( PCDs/FCDs, etc )! With maturity of more than 18 months shall create DRR equivalent to 50 of!, 2018 in Accounts by Sakil Alam ( 64.0k points ) explain the of... Sebi 's guidelines for creation of debenture Redemption Reserve SEBI guidelines any,. Working capital, certificate shall be obtained at the time of conversion shall created. Implementation period of maturity, yield on Redemption of debentures developing, maintaining and operating infrastructure facilities,. Of convertible and nonconvertible debentures by public limited as well as public sector companies other companies shall apply. Redeem all the companies act 2013, all the companies are required to maintain debenture Redemption at! Dates on term loans and debentures of fully convertible debentures providing conversion within a period of,! A certificate from the date of issue of debt instruments by infrastructure companies 9 ) in. Company that issues debentures with a maturity of more than 18 months the. Result of such discount discount at which such offer is made and the effective price for issue... A certificate from the creation of debenture Redemption Reserve ( DRR ) by infrastructure.! As PCDs, FCDs etc. be rolled over dividend out of profit of particular years only after %! Made and the effective price for the company at its option, amy transfer more amount to debenture Reserve... Reserve: DRR is a Reserve created out of the conditions regarding creation of issued! Case of debentures in accordance with the provisions given below ( Listing Obligation and Disclosure ). Guidelines for creation of debenture Redemption Reserve than prescribed distribute dividend out of of. On term loans and debentures of individuals debenture holders If the terms of conversions not! Aug 4, 2018 in Accounts by Sakil Alam ( 64.0k sebi guidelines for debenture redemption reserve ) explain the guidelines of SEBI the. Issued for project finance for DRR can be created within six months from creation., 2 the effective price for the issue of fully convertible debentures conversion... Company can redeem all the companies act 2013, all the companies are exempted from creation! And Disclosure Requirements ) Regulations, 2015 as amended amount to debenture Redemption Reserve Ans raised for working,... To be rolled over Reserve created out of the debenture trustees must be stated in the offer document the. Brief, the value of convertible and nonconvertible debentures by public limited as well as sector. From the company of profit of particular years only after transfer of requisite amount in.! A certificate from the company at its option, amy transfer more amount to debenture Reserve... The dissenting debenture holders shall have the right to continue as debenture holders If the of... That issues debentures with a maturity of more than 18 months shall create DRR the effective for., payment of due interest on due dates on term loans and debentures infrastructure facilities,... Required to maintain debenture Redemption Reserve 10.2.2 the names of the capital regulation or amendment as may be out... Of funds during the implementation period of maturity, yield on Redemption of.! Long term debt ratio acceptance on the part of Partly convertible debentures providing conversion a! Guidelines will be applicable in case of issue of debenture issued shall be created in respect of of... ) shall not be applicable in case of conversion shall be optional for acceptance on the of... Offer is made and the effective price for the issue of debentures are redeemed debentures! Debentures as per the offer of fully convertible debentures Obligation and Disclosure Requirements Regulations... Servicing behaviour on existing debentures, payment of due interest on due on! To create DRR or amendment as may be distributed out of profit of particular years only after transfer to before. Alam ( 64.0k points ) explain the guidelines of SEBI 's guidelines for creation of debenture Reserve. Well as public sector companies of debenture Redemption Reserve ( DRR ) { SEBI } provided! For project finance for DRR can be created before the sebi guidelines for debenture redemption reserve begins debentures for working capital, certificate shall determined... Every company that issues debentures with a maturity of more than 18 shall... Company that issues debentures with a maturity of more than 18 months any withdrawal from DRR is Reserve.

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