Maine Proposal to authorize and issue subordinated convertible debentures
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How to fill out Proposal To Authorize And Issue Subordinated Convertible Debentures?
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FAQ
Compulsorily Convertible Debentures Step 1 ? Convene a board meeting for approval of issue of CCD to particular set of people. ... Step 2 ? Decide on the terms of issue and prepare the CCD agreement with all the important terms. Step 3 ? Open a new bank account which will only be used for deposit of this subscription account.
Provided that the issue of debentures with an option to convert such debentures into shares, wholly or partly, shall be approved by a special resolution passed at a general meeting. (2) No company shall issue any debentures carrying any voting rights.
Ing to the said provision, a public company may issue securities to public through prospectus (i.e. Initial Public Offer/Further Public Offer) or through private placement[i] or through rights issue[ii] or bonus issue[iii]. In addition to this, a public company can also issue ESOPs or debentures[iv].
A rights issue is an invitation to existing shareholders to purchase additional new shares in the company. This type of issue gives existing shareholders securities called rights. With the rights, the shareholder can purchase new shares at a discount to the market price on a stated future date.
Companies issue convertible debentures as fixed-rate loans, paying the bondholder fixed interest payments on a regular schedule. Bondholders have the option of holding the bond until maturity?at which point they receive the return of their principal?but, holders may also convert the debentures into stock.
Debentures can be issued at par, at a premium or at a discount. They can also be issued for consideration other than cash or as a collateral security. (c) If debenture money is received in more than two instalments Additional entries: (i) On making the first call Debenture First Call A/c Dr.
A conjoint reading of Section 62(1)(c ) of the Act with Section 71 of the Act makes it clear that rights issues can be made of shares, and the issue of CCDs is proposed to be governed under the provisions relating to the issue of debentures.