Cumulative Preference Share-Redeemable

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Ashish Kapil (Querist)
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08 January 2008 Plz tell me what points to be seen in the audit of the Redeemable Cumulative preference shares. What is co. law requirements and sebi requirements. I.tax obligations etc.

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R.V.RAO

R.V.RAO (Expert)
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10 April 2008 -RCPC ORIGINAL TERMS OF ISSUE
-WHETHER TERMS OF ISSUE COMPLIED FOR ISSUE, AND DIV. PAYMNT,
-SERIAL NUMBERING CONTROL
-RECEIVER'S ACK. FOR RECEIPT OR DEMAT CONFIRMATION
-COMPLIANCE WITH MEMORANDUM AND ARTICLES.
-APPLICABILITY OF RECENT GOVT. GUIDELINES THAT IF IT IS COMPULSORILY CONVERTIBLE IT IS PART OF EQUITY -OTHERWISE IT IS DEBT.
- WHETHER ANY CHANGE IN TERMS IF ANY CONFIRMED BY SHAREHOLDERS APPROVAL
- PREF. DIVIDEND WHEN PAID DIV.DISTRIBUTION TAX PAID CORRECTLY
- NOTES TO ACCOUNTS AND REFLECTION IN ANNUAL FIN. STATEMENTS CORRECTLY OF LIABILITY ON ACCOUNT OF CUM.PREF. DIV.
-THE REDEMPTION OF PREF. SHARES IS AN OPTION OF THE COMPANY NOT THAT OF HOLDERS.
-IN CASE LISTED ,ENSURE CLAUSES IN LISTING AGREEMENT COMPLIED IN LETTER AND SPIRIT.
-ENSURE COMPLIANCE AS PER STOCK EXCH.AND SEBI DISCLOSURE AND INVESTOR PROTECTION GUIDELINES -2000-FORM AN INVESTOR GRIEVANCES COMMITTEE OF DIRECTORS .
-ON REDEMPTION, ENSURE ORIGINAL TERMS OF REDEMPTION LIKE NOTICES TO HOLDERS AND MODE OF REDEMPTION ETC.. COMPLIED OR NOT.
R.V.RAO

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