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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 ?

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Solution

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

20,00,000×15% = 3,00,000

3,00,000×15% = 45,000

March 31, 2018

On or before 30.04.17

20,00,000×25% = 5,00,000 5,00,000×15% = 75,000

March 31, 2019

On or before 30.04.18

20,00,000×15% = 3,00,000 3,00,000×15% = 45,000

March 31, 2020

On or before 30.04.19

20,00,000×25% = 5,00,000 5,00,000×15% = 75,000

March 31, 2021

On or before 30.04.20

20,00,000×20% = 4,00,000 4,00,000×15% = 60,000


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