SEBI through circular dated October 13, 2020 has Standardized procedure to be followed by Debenture Trustee(s)in case of ‘Default’ by Issuers of listed debt securities. The Debenture Trustee(s) shall send a notice to the investors within 3 days of the event of default by registered post/acknowledgement due or speed post/acknowledgement due or courier or hand delivery with proof of delivery as also through email as a text or as an attachment to email with a notification including a read receipt, and proof of dispatch of such notice or email, shall be maintained. The notice shall contain:
- Negative consent for proceeding with the enforcement of security;
- Positive consent for signing the ICA;
- The time period within which the consent needs to be provided, viz. consent to be given within 15 days from the date of notice;
- The date of meeting to be convened
