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Conversion of Preference shares

This query is : Resolved 
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(Querist)
13 January 2010 Dear Professionals

Can Redeemable preference shares be converted into equity shares by alteration or modification of the Terms of Issue (Terms of Issue of Preference shares is silent on the conversion part of preference shares).

If the Company can do so, pls advise the procedure required to be followed in such case.

Thanks & Regards
CS. Deepika Bhardwaj
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Rasesh

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Rasesh (Expert)
15 January 2010 Yes. Please comply with the procedure for modification of rights of preference shareholders. IN summary:
1) Proposal from issuing company backed by Board Resl
2) Acceptance by shareholders (signed letter) and resolution, if corporate client.
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