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Conversion of preference shares

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(Querist)
25 April 2012 A company alotted convertible preference shares in the BM and one of the allottees got the shares converted into equity in the same meeting. Is it legally ok?

Regards,
Rishi
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Ajay Mishra

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Ajay Mishra (Expert)
26 April 2012 Hi

Please check what is your articles permit to do so, in case of private company, it is possible to do so. But in case of public company shareholders approval is required for issuing of preference shares.


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