The case involves a dispute between Indus Biotech Private Limited (the petitioner) and Kotak India Venture (Offshore) Fund (the respondent) and others, concerning the conversion of Optionally Convertible Redeemable Preference Shares (OCRPS) into equity shares. The dispute arose when Indus Biotech decided to make a Qualified Initial Public Offering (QIPO), but SEBI regulations prevented companies with outstanding convertible securities from doing so. The respondents, who had subscribed to OCRPS in Indus Biotech, sought to convert their shares, leading to a disagreement over the calculation and conversion formula. The respondents claimed entitlement to 30% of the total paid-up share capital, while Indus Biotech contended they were entitled to only 10%. Kotak India
…Indus Biotech Private Limited decided to make a Qualified Initial Public Offering (QIPO). Kotak India Venture (Offshore) Fund and others had subscribed to Optionally Convertible Redeemable Preference Shares (OCRPS) in Indus Biotech. SEBI regulations prevented companies with outstanding convertible securities from making a QIPO. A dispute arose between Indus Biotech and the respondents regarding the calculation and conversion formula for the OCRPS into equity shares. The respondents claimed entitlement to 30% of the total paid-up share capital, while Indus Biotech contended they were entitled to only 10%. Kotak India Venture initiated Corporate Insolvency Resolution Process (CIRP) against Indus Biotech under Section 7 of the Insolvency and Bankruptcy Code (IBC) before
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Execution of Share…
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The case involves a dispute between Indus Biotech Private Limited (the petitioner) and Kotak India Venture (Offshore) Fund (the respondent) and others, concerning the conversion of Optionally Convertible Redeemable Preference Shares (OCRPS) into equity shares. The dispute arose when Indus Biotech decided to make a Qualified Initial Public Offering (QIPO), but SEBI regulations prevented companies with outstanding convertible securities from doing so. The respondents, who had subscribed to OCRPS in Indus Biotech, sought to convert their shares, leading to a disagreement over the calculation and conversion formula. The respondents claimed entitlement to 30% of the total paid-up share capital, while Indus Biotech contended they were entitled to only 10%. Kotak India
…Indus Biotech Private Limited decided to make a Qualified Initial Public Offering (QIPO). Kotak India Venture (Offshore) Fund and others had subscribed to Optionally Convertible Redeemable Preference Shares (OCRPS) in Indus Biotech. SEBI regulations prevented companies with outstanding convertible securities from making a QIPO. A dispute arose between Indus Biotech and the respondents regarding the calculation and conversion formula for the OCRPS into equity shares. The respondents claimed entitlement to 30% of the total paid-up share capital, while Indus Biotech contended they were entitled to only 10%. Kotak India Venture initiated Corporate Insolvency Resolution Process (CIRP) against Indus Biotech under Section 7 of the Insolvency and Bankruptcy Code (IBC) before
…Execution of Share…
Execution of Share…