A company is required to create DRR only in respect of the non-convertible portion of the partly-convertible debentures. In case a company does not have divisible profits or insufficient profits to create DRR, then of course the company will not be able to create DRR. in that case the Debenture Trustees must call a meeting of the Debenture Trust and decide on the future course of action depending on the terms of the issue of the Debentures.
Rule 18(7) of the Companies (Share Capital and Debentures) Rules, 2014 requires the companies creating DRR to deposit or invest on or before 30th April an amount at least equal to 15% of the debentures to be redeemed up to 31st March of the next year in specified securities.
For example if debentures are to be redeemed on April 20, 2016, then the company must invest or deposit in specified securities a sum at least equal to 15% of the nominal value of debentures to be redeemed either before or on 30th April, 2015. It is clear that last date for making investment is 30th April but definitely investment can be made on any date before 30th April.
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