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JC - Legal Updates - Relaxations in respect of monitoring and disclosure requirements of Debenture Trustees in light of COVID-19

Legal Updates

22 Jul 2021

Relaxations in respect of monitoring and disclosure requirements of Debenture Trustees in light of COVID-19

The regulatory timelines for monitoring and disclosures by debenture trustees for the quarter/ half year/ year ending 31st March 2021 have been extended, in light of difficulties faced due to COVID-19. An overview of the relaxations is as follows:

1)   Submission of reports/certificates to the stock exchanges:

(a)  Timeline in respect of following extended from 15th July 2021 to 31st August 2021:

(i)   Asset Cover Certificate;

(ii)  A statement of value of pledged securities; and

(iii) A statement of value for Debt Service Reserve Account or any other form of security offered Asset Cover Certificate.

(b)  Timeline in respect of following extended from 15th July 2021 to 31st October 2021:

(i)   Net worth certificate of personal guarantor;

(ii)  Financials/value of corporate guarantor prepared on basis of audited financial statement, etc., of the corporate guarantor; and

(iii) Valuation report and title search report for the immovable/movable assets, as applicable.

2)   Disclosure requirements on the website of the Debenture Trustee:

Timeline in respect of the following extended from July 15, 2021 to August 31, 2021:

(a)  Monitoring of asset cover certificate and quarterly compliance report of the listed entity.

(b)  Monitoring of utilization certificate.

(c)  Status of information regarding breach of covenants/terms of the issue, if any action taken by the debenture trustee.

(d)  Status of information regarding maintenance of accounts maintained under supervision of debenture trustee.

These relaxations have been brought about by a Securities and Exchange Board of India circular dated 20th July 2021 bearing reference number SEBI/HO/MIRSD/CRADT/CIR/P/2021/597.


For any further information, please contact Ms. Apurva Kanvinde (apurva.kanvinde@jclex.com) or Mr. Sumitava Basu (sumitava.basu@jclex.com).