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
acquisition of overseas companies and
invested its holding Part of the FCCB was utilized for the
investment in EEMF, where applicant is not director ... have not come across
any contravention of FEMA guidelines in respect of FCCB's
issued by company. Learned advocate also pointed out summary
case, Hon'ble
ITAT has justified in deleting the addition of FCCB proceeds ... case, Hon'ble ITAT
has justified in deleting the addition of FCCB proceeds of
Rs.1304
follows:
"1. The Company has defaulted on its US$ 33 Million FCCB
which was due on 21st September, 2011 and is in negotiation
with ... Company made a
settlement proposal over a 3 year period to the FCCB bondholders before the
SAT. On 4th July, 2013, the above Company Petition
amount of
Rs.43,63,01,149/- from the amounts received from FCCB till the next date of
hearing. By an order dated ... respondents not to disburse amount of Rs.43,63,01,149/- from FCCB. The said
Asmita 15/32
::: Downloaded on - 09/06/2013
follows:
"1. The Company has defaulted on its US$ 33 mn FCCB which
was due on September 21, 2011 and the Company ... sale of the division would be utilized for partial
payment of the FCCB Bonds. No disclosure was made of any part of the
consideration realised
follows:
"1. The Company has defaulted on its US$ 33 Million FCCB
which was due on 21st September, 2011 and is in negotiation
with ... Company made a
settlement proposal over a 3 year period to the FCCB bondholders before the
SAT. On 4th July, 2013, the above Company Petition
Court of
Mauritius has frozen the assets of the respondent for securing FCCB bonds worth
USD 84 billions. Learned counsel submits that even according
also replied as not germane in the
context of GDR/ FCCB issues.
(f) there was no payment from Indian company to the non-
resident company
also replied as not germane in the
context of GDR/ FCCB issues.
(f) there was no payment from Indian company to the non-
resident company
