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Redemption of preference share is "transfer" ?

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(Querist)
11 September 2011 hello everyone,
i m studying DT from VG.
i was studying capital gains and a case law on whether red. of ps amt to transfer.

as per decision it was held that

"if redemption of ps did not amount to sale then it would not have been necessary in sec.77 to provide that restriction imposed on buyback would not be applicable to redemption of preference shares."

i got confused in the above paragraph. please someone explain me.
Thanks in advance.
waiting urgently for your reply.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
13 September 2011 What is your question can you just elaborate which part is not clear to you?
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