Hello everyone,
We are converting our Public Ltd Company into Private Ltd. The Share Capital comprises of both Equity and Preference one.
While filling the Form 1B, it asks for details of Members present and voting (in favour and against) for Conversion.
My question is for this purpose, whether only Equity Shareholders are to be considered or both Equity and Preference Shareholders.
Plz Reply.
Thanks In Advance.
CS Prashant Damani
Hi
You will take the approval of equity shareholders and no need to take pref shareholders approval at the meeting.
Section 87(2)(a) provides that every member of a company limited by shares and holding any preference share capital therein shall have a right to vote in respect of such share capital, on every resolutions placed before the company which directly affect the rights attached to his preference shares.
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