Section 59 in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
59. Structure of non convertible debt securities and non convertible redeemable preference shares.
(1)The listed entity shall not make material modification without prior approval of the stock exchange(s) where the non convertible debt securities or non-convertible redeemable preference shares, as applicable, are listed, to :(a)the structure of the debenture in terms of coupon, conversion, redemption, or otherwise.(b)the structure of the non-convertible redeemable preference shares in terms of dividend of non-convertible preference shares payable, conversion, redemption, or otherwise.(2)The approval of the stock exchange referred to in sub-regulation (1) shall be made only after:(a)approval of the board of directors and the debenture trustee in case of non-convertible debt securities and(b)after complying with the provisions of Companies Act, 2013 including approval of the consent of requisite majority of holders of that class of securities.
