The statement is correct. The context clearly distinguishes between redeemable and irredeemable (perpetual) debentures. Irredeemable debentures are described as those where the company does not give any undertaking for repayment and are repayable only on winding-up or after a long period. By contrast, redeemable debentures are those that are repaid at maturity as per the terms of issue. The context also notes that 'It is presumed that debentures are redeemable after 10 years,' indicating a specific period for redemption. Additionally, redemption is defined as discharging liability in accordance with the terms of issue, which implies a predetermined specific period for redeemable debentures.