Liability of company to create security and debenture redemption reserve.

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..... mption of such debentures, to which adequate amounts shall be credited, from out of its profits every year until such debentures are redeemed. (2) The amounts credited to the debenture redemption reserve shall not be utilised by the company except for the purpose aforesaid. (3) The company referred to in sub-section (1) shall pay interest and redeem the debentures in accordance with .....

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..... [1] Substituted for "Company Law Board" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [2] Application to be made in Form 4 of the Company Law Board Regulations, 1991. Fees prescribed is Rs. 50. On notification of the commencement of the amendment, power will be transferred to the National Company Law Tribunal. [3] Substituted for "Company Law Board" by t .....

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