Mumbai, April 5 :    Mumbai, April 5:  Hindustan Lever Limited (HLL) today clarified that it has no plans to abandon the proposal to issue bonus debentures, adding that it would go back to seek shareholders' approval if there are any changes in tax laws. 'We had indicated earlier that we will await the finalisation of the proposal relating to deduction of tax on dividends, given the current proposal of the Finance Bill 2002, following which appropriate action will be taken by the company on its debentures scheme, now pending before the Mumbai high court,' the suo motu statement from HLL said. 'It is important to have clarity on tax deductions on dividends, since 'bonus debentures' are construed for tax purposes as 'deemed dividend' and need to be taxed accordingly,' HLL added in a late evening press communiqué. 'If a material change is required in the scheme due to changes in tax laws or otherwise, then the company will go back to the shareholders to seek their approval for such changes,' it said. HLL further clarified that the auditors have no role at present in the debenture matter. The outflow on the proposed debentures may become part of 'accounts' only when the scheme is executed, after the approval of the Mumbai high court. The issue of bonus debentures, which was approved by the company's board of directors, has been overwhelmingly approved by HLL's shareholders at the extraordinary general meeting held on December 12, 2001. The role of the auditors in bonus debentures will be restricted to commenting on proper accounting as and when the scheme is executed after judicial approval, the company said. The proposed bonus debenture issue was supported by 87.27 per cent of the shareholders present at the meeting and holding 112.32 crore shares, representing 99.99 per cent of the value of shares on which the poll was held.