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Section 35
Debenture Raising Procedure
: (1) When issuing debentures in accordance with this Act, a public company shall issue debentures by arranging for a debenture trustee. Such debenture trustee should be a debenture trustee approved by the Securities Board.
(2) When debenture is issued with a debenture trustee, the matter related to the creditor shall be as mentioned in the agreement between such trustee and the company.
(3) If the provision that debentures can be converted into shares is made in the articles of association or regulations or if the condition is mentioned before issuing debentures, any debentures can be converted into shares subject to the provisions of this Act regarding share capital.
(4) If debentures are to be converted into shares as per sub-section (3), the same should be clearly disclosed in the prospectus.
(5) Regardless of what is written in the prevailing law, the court may issue an order for compliance if it deems it necessary to enforce the agreement concluded between the company and any person regarding the purchase of debentures issued by a public company.