redemption of Preference shares convertible into equity
This query is : Resolved
31 March 2008
Dear ALl,
I have an important query .
If we redeem a compulsorily convertible preference shares (in to equity) ,.because of mututal adjustment with the Prefernce shareholder is it contravantion of companies Act..(the issuing company is pure private limited company)..
Responses are solicited urgently....
I have an important query .
If we redeem a compulsorily convertible preference shares (in to equity) ,.because of mututal adjustment with the Prefernce shareholder is it contravantion of companies Act..(the issuing company is pure private limited company)..
Responses are solicited urgently....
10 April 2008
THE TERMS OF ISSUE OF CCP CAN BE CHANGED BY THE SHAREHOLDERS SINCE IT IS THE SHAREHOLDERS WHO HAVE AUTHORISED ISSUE THE ORIGINAL CCP.
MEMORANDUM AND ARTICLES ALSO SHALL PERMIT SUCH CHANGE IN THE TERMSOF CCP ALREADY ISSUED .
YOU SHOULD ALSO OBTAIN A LETTER FROM CCP HOLDERS ASKING FOR CHANGE IN THE TERMS OF CCP AND SEEKING REDEMPTION.
THEN THERE IS NO VIOLATION OF COMPANY LAW.
R.V.RAO
MEMORANDUM AND ARTICLES ALSO SHALL PERMIT SUCH CHANGE IN THE TERMSOF CCP ALREADY ISSUED .
YOU SHOULD ALSO OBTAIN A LETTER FROM CCP HOLDERS ASKING FOR CHANGE IN THE TERMS OF CCP AND SEEKING REDEMPTION.
THEN THERE IS NO VIOLATION OF COMPANY LAW.
R.V.RAO
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- ITR validation error - Balance sheet is not filled
- Applicable TDS for Purchase of Flat from NRI
- Bank Accounts in Balance Sheet for ITR 3
- TDS ON CASH WITHDRAWALS...
- Annual return of gst limit
- Form 10BD Filling
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
