Pratham Ltd. issued convertible debentures during the financial year 2013-14. Now it wants to alter the terms of redemption. Is it permissible under the provisions of the SEBI (Issue of Capital and Disclosure Requirement

As per regulation 24 of SEBI (ICDR) Regulations, 2009, no issuer shall alter the terms (including the terms of issue) of specified securities which may adversely affect the interests of the holders of that specified securities, except with the consent in writing of the holders of not less than three-fourths of the specified securities of that class or with the sanction of a special resolution passed at a meeting of the holders of the specified securities of that class. So in the given case Pratham Ltd. has to obtain the consent in writing of at least three-fourths convertible debenture holders by passing a special resolution passed at the meeting of the convertible debenture holders if the alteration is likely to adversely affect the interests of debenture holders.