Petition to declare conversion of debentures into equity dismissed as it wasn't in derogation of AOA

CL: Where investment agreement which was incorporated in Articles of Association, gave a right of election to compulsory convertible debentures (CCDs) holders to ask for conversion of CCDs into equity shares and such election had been made by CCDs holder, conversion of CCDs into equity shares could not be said to be in derogation of Articles of Association and thus, petition to declare said conversion as illegal was to be dismissed

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