this regard is made to the summary of
terms and conditions of FCCB, which are at vases 1 to
29 of the paper book ... view to allow Indian companies to buy
hack FCCBs. allowed buyback of FCCB both under
"automatic route'' and "approval route
appellant company had raised money from
investors through FCCB (Foreign Currency Convertible Bond) for company's
business.
(iii) This FCCB instrument had provided ... option to the investors to convert the amount
covered by FCCB into equity shares of the company at a fixed price or alternately retain
FCCB
respect of capitalization of
professional fees capitalized of certain expenses, FCCB Premium and
FCCB Issue Expenses,"
5. "On the facts ... erred in deleting the addition by way of disallowing FCCB
Premium."
6. "On the facts and in the circumstances of the case
equivalent to US$ 300 million by issue of Foreign
Currency Convertible Bonds (FCCB). The issue date of bond was 10.10.06
which was matured ... FCCB means a bond expressed in
foreign currency, the principal and interest in respect of which is payable in
foreign currency, issued by an Issuing
lying idle out of the issue of
FCCBs. Certain portion of the FCCB proceeds were deployed in fixed deposits in
overseas banks. It was brought ... Foreign Currency Convertible Bonds, it was explained
that since money raised through FCCB was not permitted to be parked/brought in
India unless
2014
ITANo.1378 & 2288/Del/2017
Assessing Officer on utilization of FCCB proceeds towards
depreciable assets.
4) That on the facts and circumstances ... being the depreciation
allowed by the Assessing Officer on utilization of FCCB
proceeds towards depreciable assets by the CIT(A). The
additional ground relates
expenditure on non-
convertible debentures of ₹.39.61 crores and interest expenditure on
FCCB of ₹.27.57 crores to tonnage business. Ld. Pr.CIT further observed ... related to NCD and FCCB respectively, which should have been
allocated to tonnage as well as non-tonnage business in the ratio of turnover
with law. The above
directions are without prejudice to the rights of FCCB
holders to enforce their rights of redemption against ZIL
before competent authority ... FCCBs would be converted into shares of the issuing Company by the FCCB
holders. But, due to the global economic crash in the year
2016
Assessment Year: 2012-13
coupon 'foreign currency convertible bonds' (FCCB) of USD 275 million with
the tenure of five years redeemable ... redeemed @ 139.37% of the principal amount. As per the terms the FCCB
holders had an option to get the bonds converted into equity shares with
Ordinary
Shares (Through Depositary Receipt Mechanism) Scheme, 1993
(for short "FCCB Scheme") to Lehman Brothers.
6 The FCCB Scheme was notified ... ASWP(ST)19262.18.doc
The relevant clauses of the FCCB Scheme that require
consideration in the matter are reproduced below
