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This case is written mainly to understand the redemption pressures faced by Indian companies as they raised large amounts through FCCBs (foreign currency convertible bonds). Because of the low coupon rates and embedded call option on the equity shares of the issuing company, FCCBs gained wide popularity and became an important source of raising external funds in the Indian capital market. Availing themselves of the opportunity of low cost borrowing, many Indian companies issued / raised heavy amounts through the FCCBs route. However, the recent financial turbulence has created a wide gap between the current stock prices of these companies and the effective conversion price, making redemption inevitable. One such Indian company, Jaiprakash Associates Ltd issued FCCBs worth $400 million, which falls due in 2012. In such a scenario, how can Indian companies, in particular JAL, manage the redemption pressures? Furthermore, the case provides a rich discussion as to what are the best possible actions for the company to manage its liquidity and profitability position.