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Question
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?
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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, 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 |
