Section 35 : Procedures for issuing debentures

1) A public company shall, in issuing debentures pursuant to this Act, issue debentures after making provision of a debenture trustee. Such debenture trustee has to be a debenture trustee licensed by the Securities Board.

2) The matters relating to the creditor and the borrower, in issuing debentures with a debenture trustee, shall be as mentioned in an agreement to be concluded between such trustee and the company.

3) If the memorandum of association or the articles of association shall provide that debentures can be converted into shares or such term has been specified prior to the issuance of debentures, an debentures may be converted into shares, subject to the share capital related provisions of this Act.

4) If any debentures are to be converted into shares pursuant to Sub-section (3), this matter has to be clearly mentioned in the prospectus.

5) Notwithstanding anything contained in the prevailing law, the court may, if it thinks necessary, issue an order of specific performance to get performed a contract concluded between a public company and a person in respect of the subscription of the debentures issued by that company.