Standing Order No. 1267/2011 of the Housing Department, Government of Kerala dated 10th March, 2011 on the protection of the interests of debenture holders [C1P-4C0]

Standing Order No. 1267/2011

GOVERNMENT OF KERALA

Housing Department, Government of Kerala

Thiruvananthapuram, dated the 10th March, 2011

STANDING ORDER

To

All Inspecting Officers,

Subject: The protection of the interests of debenture holders by debenture trustees under the Kerala Chitties Act, 1975, regarding.

In exercise of the powers conferred by section 9 of the Kerala Chitties Act, 1975 (Kerala Act 23 of 1975), the Housing Department, Government of Kerala hereby issues the following Standing Order for the guidance of all officers subordinate to it:

1. References have been received seeking clarification on the manner in which section 9 applies to the protection of the interests of debenture holders by debenture trustees.

2. The matter has been examined. Every debenture trustee carrying on the protection of the interests of debenture holders shall make an application in Form PAS-3 to the Tribunal within forty-five days, accompanied by a fee of five thousand rupees.

3. The Inspecting Officer shall ensure that certificate of incorporation is dealt with as directed above, and shall report compliance to the Tribunal within forty-five days.

4. Difficulties, if any, in the implementation of this standing order may be brought to the notice of the Housing Department, Government of Kerala.

(Secretary to Government)