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Preference shares

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(Querist)
28 September 2011 Preference shares are issued in 1990 and as irredeemable and The Company wants to redeem the shares now and Company wants to redeemed the shares at a Discount and not at the par value.
Please give the guide lines of that and any circular??
And also send the procedure of the same.
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CA Sumat Singhal

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CA Sumat Singhal (Expert)
29 September 2011 Sir,
in my opinion, After amendment in companies act in 1996 no company can now issue irredeemable preference shares but company who has already issued it can now redeem it treating them same as redeemable.
Kindly let me know whether this solution has solved your query.
Regards,
CS Sumat Singhal
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