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Conversion of 4% cumulative redeemable prefernce shares

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(Querist)
27 July 2010 Presently we are having a 4% cumulative redeemable preference shares in our capital structure now we want to convert these shares into the debentures can we do so. If, yes what is the procedure to do so and under what section permission is given under the Companies Act, 1956.
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Rasesh

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Rasesh (Expert)
27 July 2010 Yes.
Options:
1)Hold a meeting for variation in rights of members and do the needful
2) Redeem the pref shares and issue them debentures
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