lakhs (face value plus premium component)
consisting of equity shares and optionally convertible debentures. In addition, the assessee
company will also be entitled to receive ... performance for 2005-06. The company also
exercised its option to convert the optionally convertible debentures of face value Rs
5,98,50,000 into
subscription of the
Investor Securities.
(h) "Investor debentures" shall mean the optionally convertible
debentures of Rs. 10 each issued as per the terms ... funds, the SPV has issued
Debentures. Clause 1A.3 records issuance of 13,49,36,343 Optionally
Convertible Debentures of Rs. 10 each towards contribution
expenditure under the head "Discounting Charges" on Zero
Coupon optionally convertible debentures under Serial No.1 and
Serial ... assessee. However, the Administrative Commissioner found
that the Zero Coupon optionally convertible debenture was to be
redeemed after one year and conversion
authorised representative, first charge will automatically be
created on the Optionally Convertible Debentures with further directions to
respondent Nos.3 and 4, i.e., Estate ... which respondent No.1 will disclose
the Unique identification number of optional convertible
debenture as mentioned in affidavit dated 09.09.2015 furnished
by Hardeep Singh, Authorized
optional convertible debentures
as disclosed by it in affidavit dated 15.10.2015, in physical form. In case,
the said Optional Convertible debentures are not submitted ... further there is already an "automatic charge" on the
Optional Convertible Debentures as disclosed by respondent no 1, in its
affidavit, is wrong
DISALLOWANCE OF PREMIUM PAID ARISING ON
ACCOUNT OF REPAYMENT OF OPTIONALLY CONVERTIBLE
DEBENTURES ISSUED TO ADITYA BIRLA NUVO LIMITED AND
THEREBY MAKING AN ADDITION ... terms of
issue of Debentures were changed and the Debentures were
converted from mandatorily convertible debentures to Optionally
Convertible Debentures. The holder (i.e. ABNL
DISALLOWANCE OF PREMIUM PAID ARISING ON
ACCOUNT OF REPAYMENT OF OPTIONALLY CONVERTIBLE
DEBENTURES ISSUED TO ADITYA BIRLA NUVO LIMITED AND
THEREBY MAKING AN ADDITION ... terms of
issue of Debentures were changed and the Debentures were
converted from mandatorily convertible debentures to Optionally
Convertible Debentures. The holder (i.e. ABNL
subscription of the
Investor Securities.
(h) "Investor debentures" shall mean the optionally convertible
debentures of Rs. 10 each issued as per the terms ... funds, the SPV has issued
Debentures. Clause 1A.3 records issuance of 13,49,36,343 Optionally
Convertible Debentures of Rs. 10 each towards contribution
convertible
debentures amounting to ₹ 33,860,754/-"
3. Brief facts relating to this ground of appeal are that assessee had
issued compulsorily convertible debentures ... terms of issue of Debentures were changed and the Debentures
were converted from mandatorily convertible debentures to
Optionally Convertible Debentures. The holder (i.e. ABNL
optionally
convertible debentures were in the nature of equity. It is submitted that the
Financial Creditor invested the amount in optionally convertible debentures
Company Appeal ... Court was dealing with debentures which was compulsorily
convertible debentures and it was held by the Supreme Court that said
debenture was in the nature
