Which among the following debentures are the debentures which can be transferred by way of delivery and the company does not keep any record of the debentures. Interest on the debentures is paid to a person who produces this interest coupon attached to such debentures?

Bearer Debentures are debentures that are transferable by mere delivery, just like currency notes. The company does not maintain any register of debenture holders for these instruments.

The key features described in the question are:

Transferable by delivery: Bearer debentures can be transferred from one person to another simply by handing over the physical certificate. No registration or intimation to the company is required.

No record maintained: Since these are bearer instruments, the company has no knowledge of who currently holds the debentures. Whoever physically possesses the debenture certificate is considered the owner.

Interest payment mechanism: Bearer debentures have detachable interest coupons attached to them. When interest becomes due, the holder presents these coupons to the company or its paying agent to receive the interest payment. The company pays interest to whoever produces the coupon, without verifying identity.

This is different from Registered Debentures where the company maintains a register of debenture holders, and transfer requires proper documentation and registration with the company.

The other options don't match these characteristics:

• Specific Coupon Rate Debentures merely indicates a fixed interest rate
• Secured Debentures refers to debentures backed by company assets
• Redeemable Debentures indicates repayment after a specified period

Answer: Option 3 - Bearer Debentures