No,debenture holders are not treated as members.
Debentures are mere debts and debenture holders are just creditors.They give their money to the company at a fixed interest rate.Debenture holders being creditors get guaranteed interest, as agreed, whether the company makes profit or not.
Also debenture holders have no right to attend and vote at the meetings of the share holders.
Answered By:- Karunakar Gautam
DCE Student