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2022 (10) TMI 1015 - Tri - Companies LawSeeking permission to issue further redeemable preference shares for a period of 5 years equal to the amount due - Section 55 (3) of the Companies Act, 2013 - HELD THAT:- An examination of the contents of the present petition shows that it meets the criteria laid in the Section and Rule 69 of NCLT Rules, 2016. The Petitioner has filed Form-MGT 14 before the ROC which is not disputed by the ROC. Therefore, the present Company Petition deserves to be allowed and the relief sought for by the Petitioner be granted permitting the Petitioner Company to issue further redeemable Preference Shares for a period of 5 years equal to the amount due, including the dividend thereon, in respect of the unredeemed preference shares and allow to treat the unredeemed preference shares shall be deemed to have been redeemed. This Company Petition is hereby Allowed.
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