2021 (11) TMI 1039 - HC - SEBI

SEBI circular applicability - Clarification seeked in directions that the meeting that is to be held should be in deviation from the terms of the Debenture Trust Deed - Scope of submissions on the basis of any later or Supplementary Trust Deed - HELD THAT - Obviously, the Supplementary Trust Deed will have to be read with the previous three Trust Deeds in a coherent and consistent manner. A mere reference to SEBI circulars will not and cannot override the express terms of any of the Trust Deeds. The 30 day period will commence from today in view of this clarification.

Summary

The High Court of Bombay clarified that the meeting should not deviate from the terms of the Debenture Trust Deed. The Supplementary Trust Deed must be read consistently with the previous Trust Deeds. The 30-day period for compliance starts from the date of the clarification. All parties must act upon receipt of a digitally signed copy of the order.