Section - 121 - Power to reissue redeemed debentures in certain cases
Power to re-issue redeemed debentures in certain cases.121. (1) Where either before or after the commencement of this Act, a company has redeemed any debentures previously issued, then,— (a) unless any provision to the contrary, whether express or implied, is contained in the articles, or in the conditions of issue, or in any contract entered into by the company; or (b) unless the company has, by passing a resolution to that effect or by some other act, manifested its intention that the debentures shall be cancelled;the company shall have, and shall be deemed always to have had, the right to keep the debentures alive for the purposes of re-issue; and in exercising such a right, the company shall have, and shall be deemed always to have had, power to re-issue the debentures either by re-issuing the same debentures or by issuing other debentures in their place.(2) Upon such re-issue, the person entitled to the debentures shall have, and shall be deemed always to have had, the same rights and priorities as if the debentures had never been redeemed.(3) Where with the o .... To read the full section download the app from Google Play store
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