SRCC Ltd. has issued on 1st April, 2017, 20,000, 12% Debentures of ₹ 100 each redeemable by draw of lots as under:
During the year ended on 31st March, 2018 : 15%
During the year ended on 31st March, 2019 : 25%
During the year ended on 31st March, 2020 : 15%
During the year ended on 31st March, 2021 : 25%
During the year ended on 31st March, 2022 : 20%
How much minimum investment should be made by SRCC Ltd. as per Companies Act, 2013 before redemption of debentures? When should it be made?
Solution
Amount to be invested in specified securities:
|
Year ended on |
Date of Investment |
Redeemable Amount |
Minimum amount of DRI |
|
March 31, 2018 |
On or before 30.04.17 |
20,00,000×15% = 3,00,000 |
3,00,000×15% = 45,000 |
|
March 31, 2019 |
On or before 30.04.18 |
20,00,000×25% = 5,00,000 | 5,00,000×15% = 75,000 |
|
March 31, 2020 |
On or before 30.04.19 |
20,00,000×15% = 3,00,000 | 3,00,000×15% = 45,000 |
|
March 31, 2021 |
On or before 30.04.20 |
20,00,000×25% = 5,00,000 | 5,00,000×15% = 75,000 |
|
March 31, 2022 |
On or before 30.04.21 |
20,00,000×20% = 4,00,000 | 4,00,000×15% = 60,000 |
