CDR NORMS
NEW STRINGENCY
- Promoters' contribution upped to 25% from 15%
- Promoters must pledge 100% of their shares
- Unconditional promoter guarantee
- Lead bank can appoint director where necessary
- Concessional interest rate can't be less than the base rate
- Debt not to be converted into preference shares unless in exceptional circumstances
- Creation of Trust and Retention account to monitor receivables and payments
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