निम्नलिखित कथनों पर विचार कीजिए :
- कथन I: जहाँ तक किसी कम्पनी में निवेश से प्राप्त प्रतिफलों का संबंध है, आमतौर पर यह माना जाता है कि स्टॉक-धारकों की तुलना में बॉन्ड-धारकों को अपेक्षाकृत कम जोखिम रहता है।
- कथन II: बॉन्ड-धारक किसी कम्पनी के ऋणदाता होते हैं, जबकि स्टॉक-धारक उसके स्वामी होते हैं।
- कथन III: पुनर्भुगतान के प्रयोजन के लिए, किसी कम्पनी द्वारा बॉन्ड-धारकों को स्टॉक-धारकों की अपेक्षा प्राथमिकता दी जाती है।
उपर्युक्त कथनों के संदर्भ में, निम्नलिखित में से कौन-सा एक सही है?
Read this question in English
Consider the following statements:
Statement-I. As regards returns from an investment in a company, generally, bondholders are considered to be relatively at lower risk than stockholders.
Statement-II. Bondholders are lenders to a company whereas stockholders are its owners.
Statement-III. For repayment purpose, bondholders are prioritized over stockholders by a company.
Which one of the following is correct in respect of the above statements?
(a) Both Statement II and Statement III are correct and both of them explain Statement I · (b) Both Statement I and Statement II are correct and Statement I explains Statement II · (c) Only one of the Statements II and III is correct and that explains Statement I · (d) Neither Statement II nor Statement III is correct
उत्तर और व्याख्या · explanation in English
Answer: (a) कथन II और कथन III दोनों सही हैं तथा वे दोनों कथन I की व्याख्या करते हैं
A bondholder has lent money to the company and is owed a fixed return, while a stockholder owns a share of the company and takes whatever is left. Because lenders must be repaid first, bondholders face less risk than owners; both Statements II and III therefore explain Statement I.
- ✓ Statement-I Bond returns are fixed in advance (coupon and redemption amount), while stock returns depend on profits and share prices, so bonds are generally the lower-risk claim on the same company.
- ✓ Statement-II SEBI explains that an equity investor becomes an owner of the company, while a debt investor becomes a lender to it.
- ✓ Statement-III As a lender, the bondholder has a higher claim on the company's assets than a shareholder if the company goes bankrupt, so bondholders are repaid first.
Remember · Bondholders = lenders (fixed return, paid before shareholders); stockholders = owners (voting rights, residual claim, higher risk).
Sources
- SEBI, FAQs on the Corporate Bond market ↗ “When an investor invests money through equity, he becomes an owner in the company issuing such equity shares. … In case of debt, the investor becomes a lender to the company. As a lender, he has higher claim to the assets of the issuer as compared to a shareholder in the event of the company filing for bankruptcy.”
Question and answer: UPSC's official GS Paper I (2025, Series A) — paper ↗ · answer key ↗. Explanation: Minimalist IAS, checked 30 Sept 2026 (how we verify). ·