value mentioned, provided annual
redemptions under the scheme have not started:
Early Redemption Deemed Face Applicable to
Date Value (per
bond)
on Sept ... procedure for redemption/early redemption prescribed in the
prospectus issued by IFCI, is as follows:
"Payment on redemption or early redemption of the Bonds
date of
redemption as on 16-12-2003 the amount payable per bond is Rs.15,135/-. Payment on redemption/Early Redemption ... condition reads as follows:
Payment on
Redemption/Early Redemption
Payment
on redemption or early redemption of the Bonds will be made only on the
surrender
certificates, which is to the following effect:
"(4) Procedure for Early Redemption by the Company
W.P.(C) No.1098 of 2012 Page ... case the company decides for an Early
Redemption of Bonds, it will announce its intention
to do so at least six months prior
holders as well as the Company has the right to exercise
early redemption option and in terms of the resolution passed in the
meeting ... respondents aware of procedure as laid down
in the prospectus regarding early redemption of bonds. After issuing the
redemption intimation/notice to the respondents, respondents
June 1, 2016, being the date of maturity. The option of early redemption of the
bonds, could be exercised on August 1, 2000, December ... parties. It was stated that the complainant never exercised an early redemption
call option. It was further stated that she (complainant), was surprised to receive
brief idea of the Tenure of the Bonds
issued, its face value, redemption value etc., a projection of which is
given below:
| |Particulars |Nature ... Redemption Value |Rs.15,530/- |Rs.15,254/- |Rs.7,728/- | |
|Early Redemption |After 60 months|NIL |After 18 months| |
|Conversion |On completion |On completion
made on account of surplus of early
redemption of debentures disregarding the finding of the Assessing
Officer that surplus has arisen in the course
Grindwell Norton Ltd , Mumbai vs Assessee on 12 January, 2012
IN THE INCOME TAX APPELLATE
learned CIT(Appeals) on account of the
premium paid on redemption of premium notes by invoking the provisions of
section 14A is common. These appeals ... three years from the date of allotment.
In case of early redemption, the premium note holder were entitled to a
proportionate premium. During the year
repayment of the loan, I/We will be required to pay Early redemption charges of
2% (plus applicable taxes) in case we make any prepayment
