TMI BlogObligations of debenture trusteeX X X X Extracts X X X X X X X X Extracts X X X X ..... the requisite powers for protecting the interest of holders of municipal debt securities: Provided that, where the issuer is a body corporate to which the Companies Act, 2013 applies such powers shall include a right to appoint a nominee director on the Board of the issuer, in consultation with institutional holders of such securities. (2) The debenture trustee shall carry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions of monitoring agency and trustee. 26. (1) The monitoring agency appointed under sub-regulation (7) of regulation 5 shall be vested with the requisite powers for protecting the interest of holders of debt securities. (2) The monitoring agency shall inspect on half yearly basis, the utilization of issue proceeds in accordance with objects of the issue as specified in offer document and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or redemption amount; (b) failure to create a charge on the assets; (c) revision of rating assigned to the debt securities. (6) The debenture trustee, wherever appointed, shall carry out its duties and perform its functions under these regulations, the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, the trust deed and offer document, with due care, diligen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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