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Convertible Notes – A case of square pegs in a round hole!!
By Rohit Subramanian
The article in this issue of Corporate Amicus discusses issues related to recently introduced system of Convertible Notes (C-notes). C-Notes have been defined as an instrument of debt, which can be converted to equity or redeemed. The author believes that C-notes are similar to optionally convertible debenture (OCD) and fall under its definition under Section 2(30) of the Companies Act, and hence their issuance should mandatorily comply with Section 71 of the Companies Act read with Rule 18 of the Companies (Share Capital and Debentures) Rules, 2014. Author also brings to notice that, similarly, definition of securities under Securities Contracts (Regulation) Act, 1956 also covers C-notes as marketable securities equivalent to shares, scrips, stocks, etc., and hence a rigorous issuance process which will have to be necessarily followed. The article also notes that C-notes are already popular in western countries like US where they are preferred because the issuance procedure does not involve valuation of the business and the option & timeline for “conversion” is pre-determined, which guarantees an assured return on investment. Deliberating on few regulatory issues, the author believes that if these are addressed and the issuance procedure is further streamlined, C-Notes may yet prove to be a game changer in the start-up financing space.
Notifications and Circulars
Appointment and remuneration of managerial personnel - Companies (Appointment and Remuneration of Managerial Personnel) Rules amended
Winding up - Companies (Winding Up) Rules, 2020 notified
Section 460 of Companies Act applicable to Limited Liability Partnerships
Third-party assets in custody or possession of the financial service providers in insolvency/liquidation proceedings – Manner of dealing
Liquidation and Voluntary liquidation processes – IBBI amends two Regulations
Operating Guidelines for Investment Advisers in International Financial Services Centre
Statement indicating deviation or variation in use of proceeds of issue of listed non-convertible debt securities or listed non-convertible redeemable preference shares
Fines for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, revised
E-commerce in India - Market Study by Competition Commission of India
No requirement under Insolvency and Bankruptcy Code, 2016 for the Resolution Plan to match the liquidation value of the Corporate Debtor - Supreme Court
Lease of immovable property cannot be considered as a supply of goods or rendering of any services and thus, cannot fall within the definition of 'Operational Debt’ - NCLAT
Statutory Arbitral Tribunals have power to grant interim injunction under Section 17 of the Arbitration and Conciliation Act, 1996 - Supreme Court
Acceptance of Corporate Insolvency Resolution Plan is not a ground to quash proceedings under Section 138 of Negotiable Instruments Act, 1881 –Madras High Court
