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BRILLIANT’S Long Term Financing and Valuation of Goodwill & Shares 169

Types of Debentures {S>~|Mg© Ho$ àH$ma
The different types of debentures are as {S>~|Mg© Ho$ {d{^ÝZ àH$ma Bg àH$ma h¢…
follows:
1. Secured or mortgage debentures: These 1. gwa{jV `m _m°Q>©JoO {S>~|Mg©… `o do {S>~|Mg© h¢ Omo
are debentures which are secured by a charge H§$nZr H$s g§n{Îm`m| Ûmam Am§{eH$ `m nyar Vah go gwa{jV
on the whole or part of company’s assets. First
mortgage debentures are those that have a first {H$E OmVo h¢Ÿ& àW_ _m°Q>©JoO {S>~|Mg© do {S>~|Mg© hmoVo h¢
claim on the property charged. Second mort- {OZH$m g§n{Îm na nhcm A{YH$ma hmoVm h¡Ÿ& {ÛVr` _m°Q>©JoO
gage debentures are those having a second {S>~|Mg© do {S>~|Mg© hmoVo h¢ {OZH$m g§n{Îm na Xygam A{YH$ma
claim on the assets charged. In India deben-
tures issued by companies have to be secured hmoVm h¡Ÿ& ^maV _| H§$n{Z`m| Ûmam Omar {H$E JE {S>~|Mg© H$m
compulsorily. {gŠ`moS>© hmoZm AË`§V Amdí`H$ h¡Ÿ&
2. Redeemable debentures: The deben- 2. [a{S>_o~c {S>~|Mg©… do {S>~|Mg© {OZH$m {Z`V
tures repayable after a stated period of time g_` Ho$ níMmV² nwZ^w©JVmZ {H$`m OmVm h¡, [a{S>_o~c {S>~|Mg©
are known as ‘Redeemable Debentures’. Deben- H$hcmVo h¢Ÿ& V` am{e na {Z`V Ad{Y Ho$ níMmV² `m
tures are redeemable at the end of the fixed pe-
riod or by annual drawing or by purchase in dm{f©H$ AmhaU `m AmonZ _mH}$Q> _| IarXr Ûmam {S>~|Mg© H$mo
the open market at a price prevailing therein. nwZ… àmßV {H$`m OmVm h¡Ÿ&
3. Simple or naked debentures: These are 3. gm_mÝ` `m Agwa{jV {S>~|Mg©… `o do {S>~|Mg© h¢
debentures where no security is given to the {OZ na ã`mO Ho$ ^wJVmZ `m ny§Or Ho$ nwZ^w©JVmZ Ho$ {cE
creditors for the payment of interest or repay- F$UXmVmAm| H$mo H$moB© {gŠ`mo[aQ>r Zht Xr OmVr h¡Ÿ& Bg
ment of capital. Thus, they are in the nature of
unsecured creditors. àH$ma, `o Agwa{jV F$UXmVm hmoVo h¢Ÿ&
4. Perpetual debentures: A perpetual 4. n{n©MwAc {S>~|Mg©… n{n©MwAc {S>~|Mg© do {S>~|Mg©
debenture is one which is not redeemable h¢ Omo {S>~|Ma Omar H$aZo dmcr H§$nZr Ho$ OrdZH$mc _| nwZ…
during the life time of the company issuing it àmßV Zht {H$E OmVo h¡ `m XyaJm_r g§^mdZm AWdm ~hþV
or which is repayable on the happening of a
remote contingency or after the expiry of a very cå~o g_` ~mX {OZH$m nwZ^w©JVmZ {H$`m OmVm h¡Ÿ&
long period.
5. Registered debentures: A 5. a{OñQ>S>© {S>~|Mg©… EH$ a{OñQ>S>©
registered debenture is one whose Types of Debentures {S>~|Ma dh {S>~|Ma h¡ {OgHo$ ñdm_r H$m
holder is registered in the books of
1. Secured or mortgage Zm_ H§$nZr Ho$ a{OñQ>a _| XO© h¡Ÿ& `h
the company. It enables the
debentures
company to locate some specific 2. Redeemable debent- H§$nZr H$mo Hw$N> {d{eï> ì`pŠV`m| H$mo nhMmZZo
persons as the holder to whom it Ho$ `mo½` ~ZmVr h¡ Š`m|{H$ Bgo ñdm_r H$mo
ures
can make payment and whose
3. Simple or naked de- ^wJVmZ H$aZm h¡ Am¡a BgH$s agrX Cgo
receipt can serve as a sufficient
bentures {ZînmXZ go _wŠV H$a gH$Vr h¡Ÿ&
discharge.
4. Perpetual debentures
6. Bearer debentures: A 6. {~`aa {S>~|Mg©… EH$ {~`aa {S>~|Ma
5. Registered debentures
bearer debenture is one which is 6. Bearer debentures dh {S>~|Ma h¡ {Ogo Ho$dc {~`aa (àmßVH$Vm©)
payable to the bearer thereof. It is 7. On the basis of con- H$mo hr {X`m OmVm h¡Ÿ& `h Ho$dc àñVwV
transferable merely by delivery. vertibility H$aZo na hr Q´>m§g\$a {H$`m OmVm h¡Ÿ& hmoëS>a