equity shares held by LOAs to optionally convertible
debentures (in short 'OCDs'), with the approval from the Jurisdictional
High Court. Scheme of reorganization ... equity shares held by four LOAs were converted into
1750 OCDs each. Aggregate value of 7000 OCDs in the books of the
assessee was shown
reply explained as
under:-
"1. The investment in Optional Convertible Debentures (OCD's) of
referred six companies is very old and they have ... public for subscription. In view of the fact that all the
OCDs were issued by private limited companies there would be no
requirement
nature of Optionally Convertible
Debentures (hereinafter referred to as 'OCDs'), the present appears
are preferred.
2. Appellant Neesa in the years ... issued
OCDs to total 156 entities. Those were issued to 85 investors in the
year 2012-13 and 71 investors during the financial year
directing the appellant to refund the amount collected
through Optionally Convertible Debentures (OCD) jointly and
severally along with other Directors together with interest ... investors, issuance of NCDs and issuance of OCDs.
The appellant filed Criminal Writ Petition No. 1117 of 2017
which was allowed by judgment
company) by the Appellants. On 31.5.2000 The company issued Optionally Convertible Debentures (OCDs) on preferential allotment basis to the promoters. The terms of issue ... OCDs provided that 50% of the OCDs were compulsorily convertible into equity shares at the end of 18 months and the balance
assessment year was filed on
28/11/2011, while the premium on OCD was paid on
24/03/2014. Accordingly, the claim became available ... funds. Commercially, when the terms of CCD were converted
to OCDs and the OCDs were ultimately redeemed, such
recompense was worked out commercially
assessment year was filed on
28/11/2011, while the premium on OCD was paid on
24/03/2014. Accordingly, the claim became available ... funds. Commercially, when the terms of CCD were converted
to OCDs and the OCDs were ultimately redeemed, such
recompense was worked out commercially
Appellants. On 31-5-2000. The company issued Optionally Convertible Debentures (OCDs) on preferential allotment basis to the promoters. The terms of issue of OCDs ... provided that 50% of the OCDs were compulsorily convertible into equity shares at the end of 18 months and the balance
aforesaid investments were acquired directly out of 0% OCD's
amounting to Rs. 40Crs. Raised from M/s. Shimal Research
Laboratories Ltd. - as duly ... Oscar Pharmaceuticals Pvt. Ltd.
on 2nd March, 2007 out of 0% OCD's amounting to Rs.40 Crs. raised
from M/s. Shimal Research
submitted by the
assessee that it has invested in Optionally Convertible Debentures (OCDs)
in the financial year 1994-95 of the following companies.
a) Karnivasini ... Ottoman Finlease & Inv. P. Ltd.
36. These OCDs carry interest @ 16% per annum and were redeemable
at the end of seven years from
