Question

SRCC Ltd. has issued on 1st April, 2016, 20,000,12% Debentures of ₹ 100 each redeemable by draw of lots as under:

During the year ended on 31st March,2017 : 15%
During the year ended on 31st March,2018 : 25%
During the year ended on 31st March,2019 : 15%
During the year ended on 31st March,2020 : 25%
During the year ended on 31st March,2021 : 20%

How much minimum investment or deposit should be made by SRCC Ltd. as per Companies Act, 2013 before redemption of debentures? When should it be made ?

Answer 1

Amount to be invested in specified securities:

Year ended on	Date of Investment	Redeemable Amount	Minimum amount of DRI
March 31, 2017	On or before 30.04.16	20,00,000$\times$15% = 3,00,000	3,00,000$\times$15% = 45,000
March 31, 2018	On or before 30.04.17	20,00,000$\times$25% = 5,00,000	5,00,000$\times$15% = 75,000
March 31, 2019	On or before 30.04.18	20,00,000$\times$15% = 3,00,000	3,00,000$\times$15% = 45,000
March 31, 2020	On or before 30.04.19	20,00,000$\times$25% = 5,00,000	5,00,000$\times$15% = 75,000
March 31, 2021	On or before 30.04.20	20,00,000$\times$20% = 4,00,000	4,00,000$\times$15% = 60,000