TMI BlogIssue and redemption of preference sharesX X X X Extracts X X X X X X X X Extracts X X X X ..... issue of such shares has been authorized by passing a special resolution in the general meeting of the company (b) the company, at the time of such issue of preference shares, has no subsisting default in the redemption of preference shares issued either before or after the commencement of this Act or in payment of dividend due on any preference shares. (2) A company issuing preference shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of such shares, including- (a) the size of the issue and number of preference shares to be issued and nominal value of each share; (b) the nature of such shares i.e. cumulative or non - cumulative, participating or non - participating , convertible or non - convertible (c) the objectives of the issue; (d) the manner of issue of shares; (e) the price at which such shares are propose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h shares in accordance with the regulations made by the Securities and Exchange Board of India in this behalf. (6) A company may redeem its preference shares only on the terms on which they were issued or as varied after due approval of preference shareholders under section 48 of the Act and the preference shares may be redeemed:- (a) at a fixed time or on the happening of a particular event ..... X X X X Extracts X X X X X X X X Extracts X X X X
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