A Listed Company wishes to extend the redemption period of Unlisted preference shares which is within 20 years. All the 4 preference shareholders have given their written consent to the company pursuant to section 48 of CA 2013.
Query:
1) whether written consent by all 4 preference shareholders is sufficient?
2) As per rule 22 of Co (management & administration) rules, variation of rights of class of shares needs to be passed by postal ballot, However, preference shareholders does not exceed 1000 nos. Whether postal ballot needs to be conducted in aforesaid case?
3) If postal ballot is conducted, whether the notice of postal ballot needs to be sent to preference as well as equity shareholders?
Pl share your views on above issue, its urgent.
CAclubindia
