We are 100% Japanese Subsidiary and Private Co. We have taken ECB's from the Parent Company. These ECB agreement does not mention about any conversion into Equity related clause . However , we want to convert these ECB into Equity.
My query is Section 62(3) says for conversion of ECB into Equity terms to that effect should be mentioned into ECB agreement before raising ECB.
But in case if we now amend the ECB agreement by adding clause to that effect and then convert this ECB into Equity will it comply the requirement of section62 (3) ?
Please reply .