Sardar Sarvovar Narmada Nigam Limited (Conferment of Power to Redeem Bonds) Act.Year 2008

General20083 sections

This Act empowers the Sardar Sarovar Narmada Nigam Limited (SSNNL), a government-owned company, to modify the terms of its "Deep Discount Bonds" issued in the 1990s. Specifically, it allows the company to redeem these bonds earlier than originally scheduled, overriding previous agreements found in the 1993 prospectus and trust deeds. The Act introduces a new condition (3A) that dictates how the redemption value is calculated, ensuring a minimum return based on a specific interest rate formula. It also explicitly prevents civil courts from intervening in these redemption decisions, effectively making the company's determination final regarding the bond's early payout.

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1. Short title
2. Amendment of financial covenants and conditions of Bonds
3. Bar of jurisdiction of civil courts

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