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Issue of preference shares

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 March 2012 can a private company issue cumulative convertible preference shares at the time of incorporation ??? if yes then is it necessary for it to mention the % of cumulative shares i.e the amount of dividend it carries...? pr it can be mentioned later after the incorporation of the company in the 1st board meeting???
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Ajay Mishra

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Ajay Mishra (Expert)
28 March 2012 Hi


Yes, a company can be incorporate with equity and preference shares both. In that case Clause V of MOA will be:

"The authorised share capital of the company will be Rs. 10,00,000 divided in to 60000 equity shares of Rs. 10/- each and 40000 12% Preference shares of Rs. 10/- each."


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