Share subscription agreements with minimum assured return-debt or equity?

While reading the 2009-10 Annual Report of Escorts Ltd, I noticed(Pg 99) that in 2000, it had sold 49% stake in a subsidiary(Escorts Motors Ltd) to ICICI and had given an assurance to ICICI of a minimum return compounded annually for a period of four years.Since the subsidiary did not go for an IPO, Escorts had to buy back the stake. Now, this is not unique to Escorts. Peruse the DRHP filings with SEBI and you notice this demand for assured return in several cases

1. Issuance of 0% Compulsorily Convertible Preference Shares/Debentures-with the conversion price reset downwards if certain financial targets are not met
2. Share subscription agreements with PE funds for company/promoters to compulsorily buy back the stake with interest IF public issue not done
3. Share subscription agreements with PE funds for company/promoters to optionally(PE fund has PUT option) buy back the stake with interest IF public issue not done

Now, case(1) will always be equity-extent of dilution is unclear. But in cases (2) & (3), the transaction is structured as convertible debt. In that case, is it fair to classify it as equity initially itself? 

Comment:- Making a proforma adjustment for such transactions is advisable. Unfortunately, unlike the SEC, SEBI does not require Indian companies to file share subscription agreements with the regulator. But with the advent of IFRS(needing such disclosures), investors should have sufficient information to make such adjustments.