20A. . An issuer may carry out consolidation and re-issuance of its debt securities,

a) the articles of association of the issuer shall not have any provision, whether express or implied, contrary to such consolidation and re-issuance;

a) there is such an enabling provision in its articles under which it has been incorporated;

b) the issue is through private placement;

c) the issuer has obtained fresh credit rating for each re-issuance from at least one credit rating agency registered with the Board and is disclosed;

d) such ratings shall be revalidated on a periodic basis and the change, if any, shall be disclosed;

e) appropriate disclosures are made with regard to consolidation and re-issuance in the Term Sheet.