Company Registration in Tiruppur
Inspection of Trust deed
As per the 2013 Act, Sub-Rule (8) of Rule 18 of the companies (Share Capital and Debentures),2014 stipulates that the provisions applicable to inspection of register of members shall applying the case of trust deed also.[see Section of 94 of the 2013 Act].A member or a debenture holder may ask for a copy of a trust deed, in which case the same shall be forwarded to the member or debenture holder within seven days of the making of the request on payment of fees.Rule 18(1) of the companies (Share Capital and Debentures),2014 lays down conditions for issuance of secured debentures.
- The debentures shall be redeemed within 10 years from the date of issue,with an exception for a company engaged in the setting up of infrastructure projects.such company may issue debentures redeemable for a maximum period of thirty years.
- The debentures shall be secured by the creation of a charge,on the properties or asserts of the company,having a value which is sufficient for the due repayment of the amount of debentures and interest thereon.
- A debenture trustee shall be appointed before the issue of prospectus or letter of offer for subscription of its debentures and not later than 60 days after the allotment of debentures.
- A debenture trust deed shall be executed to protect the interest of the debenture holders.
- A charge or mortgage shall be created in favour of the debenture trustee on any specific movable property of the company(not being in the nature of pledge),and/or any specific immovable property wherever situate,or any interest thereon.
Similar provisions were contained under sub-section 117 A,117 B, and 117 C of the 1956 Act with certain differences. Under the 1956 Act,the debenture trustee had to be appointed before the issue of the prospectus or the letter of offer.
We"Solubilis Corporate Services" are providing the best corporate services in Tiruppur and all the other major cities in India.For more details -> click here.