Companies Act, 2017

PART-V

SHARE CAPITAL AND NATURE, NUMBERING AND CERTIFICATE OF SHARES

Companies Act, 2017 PART-V SHARE CAPITAL AND NATURE, NUMBERING AND CERTIFICATE OF SHARES From: 2023-11-01 - To: 0000-00-00 66. Issue of securities and redeemable capital not based on interest.- (1) A company may by public offer or, upon terms and conditions contained in an agreement in writing, issue to one or more scheduled banks, financial institutions or such other persons as are notified for the purpose by the Commission either severally, jointly or through their syndicate, any instrument in the nature of redeemable capital in any or several forms in consideration of funds, moneys or accommodations received or to be received by the company, whether in cash or in specie or against any promise, guarantee, undertaking or indemnity issued to or in favour of or for the benefit of the company. (2) In particular and without prejudice to the generality of the forgoing provisions, the agreement referred to in sub-section (1) for redeemable capital may provide for, adopt or include, in addition to others, all or any of the following matters, namely- (a) mode and basis of repayment by the company of the amount invested in redeemable capital within a certain period of time; (b) arrangement for sharing of profit and loss; (c) creation of a special reserve called the “participation reserves” by the company in the…