9911796707
TMI Blog1993 (9) TMI 280X X X X Extracts X X X X X X X X Extracts X X X X ..... m part of debentures on expiry of the year and showed its inability to do so - A resolution was passed by respondents in their general meeting by which instalments were re-scheduled - It was stated that it was subject to approval of holders of 13.5 secured non-convertible part of debentures, Controller of Capital Issues, Financial Institutions, etc. - It was not shown that approval of resolution h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 9th year. The 7th year expired in 1991 but the respondent did not redeem the part of the debentures which were to be redeemed in the 7th year and showed its inability to do so. A resolution was passed by them in their general meeting in September 1991 by which the instalments were re-scheduled. It is pleaded that the said resolution was not binding on the complainant. Consequently, he has pray ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any regarding re-scheduling of the payments of the instalments of the debentures. We have gone through the resolution passed by the respondent-Company. In the resolution it is stated that it was subject to the approval of the holders of 13.5 per cent secured non-convertible part of the debentures of Series II of Rs. 150 each, Controller of Capital Issues, Financial Institutions, Banks and the othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs according to the agreement between the parties. 5. The facts of the Appeal No. A-228 of 1992 are similar. In that case also 10 debentures were purchased by the appellants. 6. For the aforesaid reasons we accept the appeal with costs and direct the respondent to make payment of the instalments which have become due to the complainant(s) within a period of three months. In case they fail ..... X X X X Extracts X X X X X X X X Extracts X X X X
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