New con­di­tions set for deben­ture trus­tees sign­ing ICAS

Business Standard - - THE SMART INVESTOR - SAMIE MODAK

The Se­cu­ri­ties and Ex­change Board of In­dia (Sebi) on Tues­day laid down the frame­work for deben­ture trus­tees (DTS) sign­ing in­ter-cred­i­tor agree­ments (ICAS) on be­half of in­vestors. “The res­o­lu­tion plan shall be fi­nalised within 180 days from the end of the re­view pe­riod. If it is not fi­nalised (within this time­frame), the deben­ture trustee(s) shall be free to exit the ICA al­to­gether with the same rights as if it had never signed the ICA and the res­o­lu­tion plan shall not be bind­ing on the deben­ture trus­tees,” the reg­u­la­tor has said.

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