Critical Minerals Summit concludes (See 'Corp Brief') Cr.P.C. - While adjudicating on bail application court is duty bound to ensure that accused's right to life and right to health is not violated : HC (See 'Legal Desk') PMLA - Petitioner cannot claim bail as matter of right for treatment only at specialized hospital of his choice : HC (See 'Legal Desk') SEBI (Research Analysts) Regulations, 2014 for ontravention of RA Regulations Certificate of Registration of Noticee Gaurav Sarda can be cancelled : SEBI (See 'Legal Desk') REC Ltd declares financial results, records highest ever annual net profit (See 'Corp Brief') Trade Marks Act - Defendant's adoption of Trademark is not in good faith and potential confusion encroaches upon Plaintiff's statutory trademark rights : HC (See 'Legal Desk') SEBI Act - Noticee was maintaining call records which were sent to SEBI : SEBI (See 'Legal Desk') Arbitration - Petition u/s 29A for extension of mandate of Arbitral Tribunal can be filed even after mandate has expired : HC (See 'Legal Desk') Mines Ministry to hold 2-day Critical Minerals Summit (See 'Corp Brief') IBC - When one party owes debt to another and creditor is claiming under written agreement providing for rendering 'service', debt is operational debt if claim of debt has some connection with service : SC (See 'Legal Desk') Companies Act - Stamp duty @5% market value of property is liable to be paid only when property is situated within State of Madhya Pradesh otherwise not : HC (See 'Legal Desk') SEBI Act - Final opportunity of inspection of documents and cross-examination of witnesses should be given to Appellants : SAT (See 'Legal Desk') SARFAESI Act - Mere discovery of new or important matter or evidence is not a sufficient ground for review ex debito justitiae : HC (See 'Legal Desk') Conference organized on Maritime Amrit Kaal Vision 2047 (See 'Corp Brief') PMLA -Bail application can be dismissed as petitioner failed to satisfy conditions for grant of bail : HC (See 'Legal Desk') CSIR, NIScPR organize national workshop to celebrate World Intellectual Property Day (See 'Corp Brief') SEBI Act - Appellants have failed to substantiate their claim of financial distress nor have they brought any new fact or circumstances requiring grant of interim relief : SAT (See 'Legal Desk') ACC delivers lifetime highest annualised PAT (See 'Corp Brief') Trade Mark Act - Marks are visually phonetically and deceptively similar to Plaintiffs' trademarks : HC (See 'Legal Desk') SJVN inaugurates First Multi-purpose Green Hydrogen Pilot Project (See 'Corp Brief') IBC - Even if CIRP commences, Directors, who are incharge of affairs of Company cannot be absolved of any wilful default committed by borrower Company : HC (See 'Legal Desk') REC to extend loan of Rs 1869 Cr for Kiru Hydro Electric Project (See 'Corp Brief')

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SEBI issues Consultative Paper on proposed amendments to Debenture Trustee Regulations

Published: Feb 17, 2017

By TIOLCORP News Service

MUMBAI, FEB 17, 2017: SEBI had set up a Task Force comprising of SEBI officials and representative of Debenture Trustees (DTs) for examining the "Challenges in performing the obligations and duties as Debenture Trustees to protect the interests of the debenture holders". The task force discussed the amendments to be made in the DT Regulations to harmonise the existing provisions with that of the Companies Act 2013, to fortify the existing provisions to enable the debenture trustees to perform the task of securing the interest of the investors and consequential changes. The Task Force has submitted its recommendations which, inter alia, include proposal regarding amendments to DT Regulations which can be classified in three broad issues:

1. Amendments required in SEBI (Debenture Trustee Regulations), 1993 in the light of the changes in the Companies Act 2013, (Share Capital and Debentures) Rules 2014 etc.

2. Changes on account of amendment in other regulations i.e., SEBI (Substantial Acquisition of Shares and Takeovers) Regulations) 2011, etc.

3. Consequential changes for improvement

It was observed that several existing provisions in the DT Regulations had reference to the Companies Act, 1956 which have been repealed and replaced by the Companies Act, 2013. Therefore, such provisions in the DT Regulations require to be amended to synchronise them with the corresponding provisions in the Companies Act, 2013.

The task force felt that several existing provisions in the DT Regulations require changes/ modifications/ improvements to enable the debenture trustees to perform the task of securing the interest of the investors more effectively.  Further, it noted that the provisions regarding liability for action against Debenture Trustees with regard to default/ non-compliance require to be modified to streamline them with other SEBI Regulations so as to have consistency.

The Task Force has submitted its recommendations which, inter alia, include proposal regarding amendments to the DT Regulations. The proposed amendments to the DT Regulations along with the rationale for the same can be accessed at (Consultative Paper).

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