Can fully paid preference shares forfeited?

Esteemed Experts,

Company X issued convertible preference shares 5 year ago, fully paid. Now it's matured and 1/5th has been converted to share capital. BAl. shares neither redeemed or issued afresh. Can the company forfeit bal. shares capital? please guide

Thanks in advance
Replies (1)
No ,In Any Circumstance Fully Paid Up Shares Can't Be Forfeited , If 1/5 is representing a conversion price or valuation based formula then it can be done,like 5%,1000 CCPS issued at Rs.10 ,Conversion price is Rs 2000 Per equity shares (1/5 th Value ) then automatically CCPS deemed to be converted ... otherwise shareholder itself don't want to take remaining 80% then Cash can be paid or rollover can be done or reduction/buyback is possible (but generally its not happened in that way )

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