TMI BlogSecurities And Exchange Board Of India (Debenture Trustees) (Amendment) Regulations, 2003.X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) They shall come into force on the date of their publication in the Official Gazette. 2. In the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993(hereinafter referred to as 'the said Regulations'): - (i) in regulation 2 of the said Regulations, after clause (e) the following shall be inserted, namely - (ee) networth means aggregate of value of the paid up equity capital and free reserves (excluding reserves created out of revaluation) reduced by the aggregate value of accumulated losses and deferred expenditure not written off (including miscellaneous expenses not written off) as per the latest audited balance sheet. (ii) after regulation 2 of the said Regulations, the following shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ody corporate or (b) it has lent and the loan is not yet fully repaid or is proposing to lend money to the body corporate. Provided that this requirement shall not be applicable in respect of debentures issued prior to the commencement of the Companies (Amendment) Act, 2000, where- (i) recovery proceedings in respect of the assets charged against security has been initiated, or (ii) the body corporate has been referred to Board for Industrial and Financial Reconstruction under the Sick Industrial Companies (Special Provisions) Act, 1985, , prior to commencement of the Securities and Exchange Board of India (Debenture Trustees) (Amendment) Regulations, 2003. (vi) in Regulation 15 of the said Regulations, (a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7A of the said Regulations, after sub regulation (2) the following shall be inserted, namely - (3) The compliance officer shall report any non-compliance, of the requirements specified in the listing agreement with respect to debenture issues and debenture holders, by the body corporate to the Board. (viii) for the Schedule IV of the said Regulations the following shall be substituted , namely SCHEDULE IV Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 [Regulation 14] CONTENTS OF TRUST DEED Every debenture trustee shall ensure that the trust deed executed between a body corporate and debenture trustee shall amongst other things provide for the following matters namely: - 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rity for debenture holders. xi. Circumstances specifying when the security may be disposed off or leased out with the approval of trustees. xii. Procedure for allowing inspection of charged assets, book of accounts, by debenture trustee or any person or persons authorised by it; 4. Events of defaults This section shall clearly define the event of default which if occurs shall invite the actions by debenture trustee. This section shall also contain the steps which shall be taken by debenture trustee in the event of defaults. 5. Rights of debenture trustees This section shall inter-alia provide that : i. Debenture Trustee is entitled to inspect the registers of the company and to take copies and extracts thereof ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debenture trustee informed of all orders, directions, notices, of court/tribunal affecting or likely to affect the charged assets. 13. to inform debenture trustee of any major change in composition of its Board of Directors, which may amount to change in control as defined in SEBI (Substantial Acquisition of shares and Takeovers) Regulations 1997. 14. to submit any such information, as required by the debenture trustee. 15. fee or commission of debenture trustees. 16. obligation to inform debenture trustee about any change in nature and conduct of business by the body corporate before such change. 17. obligation of the body corporate to forward a quarterly report to debenture trustees containing the following parti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Fees) (Amendment) Regulations, 1995 vide S.O. No.939 (E). (b) on January 5, 1998 by the Securities and Exchange Board of India (Debenture Trustees) (Amendment) Regulations, 1998 vide S.O. No.16(E). (c) on September 30, 1999 by the Securities and Exchange Board of India (Debenture Trustees) (Amendment) Regulations, 1999 vide S.O. No.795(E). (d) on February 17, 2000 by the Securities and Exchange Board of India (Debenture Trustees) (Amendment) Regulations, 2000 vide S.O. No.135(E). (e) on August 8, 2000 by the Securities and Exchange Board of India (Debenture Trustees) (Second Amendment) Regulations, 2000 vide S.O. No.743(E). (f) on May 28, 2000 by the Securities and Exchange Board of India (Appeal to Securities Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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