Debenture Redemption Reserve. The Company shall create and maintain a Debenture Redemption Reserve and credit to the Debenture Redemption Reserve such amounts as required under Law including section 71(4) of the Companies Act, 2013 read with Rule 18(7) of the Companies (Share Capital and Debentures) Rules, 2014, as amended from time to time or any regulations or guidelines issued by SEBI, as applicable. The Company hereby agrees and undertakes that, if during the currency of these presents, any further guidelines are formulated (or modified or revised) by any Governmental Authority in respect of creation of Debenture Redemption Reserve and investment of the monies lying therein, the Company shall duly abide by such guidelines and execute all such supplemental letters, agreements and deeds of modifications as may be required by the Debenture Holders or the Debenture Trustee.
Debenture Redemption Reserve. The Issuer hereby agrees and undertakes that it shall create a Debenture Redemption Reserve as per the provisions of the Act or any guidelines issued by the SEBI, as applicable, and if during the currency of these presents, any guidelines are formulated (or modified or revised) by any Governmental Authority having authority under law in respect of creation of Debenture Redemption Reserve applicable to the Debentures, the Issuer shall duly abide by such guidelines and execute all such supplemental letters, agreements and deeds of modifications as may be required by the Debenture Holders or the Debenture Trustee and the Issuer shall submit to the Debenture Trustee a certificate duly certified by a practicing chartered accountant certifying that the Issuer has transferred a suitable sum to the Debenture Redemption Reserve at the end of each Fiscal Year.
Debenture Redemption Reserve. As per Section 71 of the Companies Act read with the Rule 18 of the Companies (Share Capital and Debentures) Rules, 2014, the Company is not required to create the DRR. However, the Company, if required to, in terms of the Applicable Law, shall create the DRR out of the profits of the Company available for payment of dividend in accordance and transfer to DRR suitable amounts in accordance with relevant guidelines issued from time to time and in force during the currency of the NCDs. The Company shall submit to the Debenture Trustee a certificate duly certified by the statutory auditors certifying that the Company has transferred suitable sum to the Debenture Redemption Reserve at the end of each of financial year as per the Applicable Law. As per Rule 18 of the Companies (Share Capital and Debentures) Rules, 2014 the Company shall, on or before April 30 of each year, deposit or invest, as the case may be; a sum which shall not be less than fifteen per cent of the amount of its debentures maturing during the year ending on the 31st day of March next following in anyone or more of the following methods, namely
Debenture Redemption Reserve. The Issuer hereby agrees that it would create and maintain a Debenture Redemption Reserve in accordance with Rule 18(7) of the Companies (Share Capital and Debenture) Rules, 2014, as amended from time to time and other Applicable Law, and if during the currency of these presents, any guidelines are formulated (or modified or revised) by any Governmental Authority under Applicable Law in respect of creation of the Debenture Redemption Reserve, the Issuer shall abide by such guidelines and execute all such supplemental letters, agreements and deeds of modifications as may be required by the Debenture Trustee and shall also cause the same to be registered, where necessary. The Issuer shall submit to the Debenture Trustee (with copies thereof to the Debenture Holders), within 60 (sixty) days from the end of the Financial Year, a certificate duly certified by the statutory auditor of the Company certifying that the provisions of the Act in relation to the maintenance of Debenture Redemption Reserve have been complied with, if Debenture Redemption Reserve is required to be maintained in accordance with Applicable Law.
Debenture Redemption Reserve. The Company hereby agrees that it would create a debenture redemption reserve (“DRR”) in accordance with provisions of the Companies Act and/or any guidelines issued by the SEBI/RBI (as applicable) and if during the currency of these presents, any guidelines are formulated (or modified or revised) by any Governmental Authority having authority under the law in respect of creation of the DRR, the Company shall abide by such guidelines and execute all such supplemental letters, agreements and deeds of modification as may be required by the Debenture Holder(s) or the Trustee. The Company shall submit to the Trustee a certificate duly certified by the authorised signatory of the Company certifying that the Company has transferred the sums to the DRR in accordance with the Applicable Laws within 5 (five) days of such transfer.
Debenture Redemption Reserve. The Issuer being a listed company is not required to maintain a debenture redemption reserve ("DRR") in accordance with Section 71 of the Act, Rule 18 of the Share Capital and Debenture Rules, pursuant to the Companies (Share Capital and Debenture) Amendment Rules, 2019 dated August 16, 2019. In the event that such exemption is not extended in future, the Issuer shall comply with applicable Law in relation to DRR.
Debenture Redemption Reserve. The Company agrees and undertakes to create and maintain a debenture redemption reserve, if required, in accordance with the Applicable Law.
Debenture Redemption Reserve. Section 117C of Companies Xxx 0000 stipulates that companies, not defined as public financial institutions under Section 4A of the Act, issuing debentures shall create a debenture redemption reserve for the redemption of such debentures from out of their profits every year until such debentures are redeemed. Banks and All India Financial Institutions (AIFIs) are not required to create such DRR. IIFCL's long-term borrowings are guaranteed by the Government of India. As per the Government scheme, the Company has been set up for a specific purpose of financing viable infrastructure projects and its functioning is on sui-generis basis governed by SIFTI. Given the mandate under SIFTI, creation of DRR may lead to substantial losses to the Company every year by creating provisions for such reserves. The Company has approached the Government seeking exemption from the provision of creation of DRR in line with banks and AIFIs. The Empowered Committee noted this information.
Debenture Redemption Reserve. As per the provisions of sub-rule 7 of Rule 18 of the Companies (Share Capital and Debentures) Rules, 2014, non-banking financial companies are exempt from the requirement of creation of debenture redemption reserve in respect of privately placed debentures. Pursuant to this rule, the Company is not required to create any reserve funds for the redemption of the Debentures.
Debenture Redemption Reserve. The Issuer shall create and maintain for so long as any Obligations are outstanding, a debenture redemption reserve ("DRR") in accordance with Section 71 of the Act, Rule 18 of the Share Capital and Debenture Rules, any guidelines issued by SEBI and any other applicable Law, from time to time. If so required by Law, the Issuer shall, within 5 (five) days from the receipt of request from the Trustee, deliver to the Trustee, a certificate duly signed by the statutory auditor of the Issuer confirming that it has complied with all of its obligations under sub-rule (7) of Rule 18 of the Share Capital and Debenture Rules.
