Premium on redemption of preference shares

Dear Friends,

Need your advice with relevant provisions on a query. If a company had issued preference shares at par which would be redeemed at premium, and the company doesnt have any profits and securities premium account on expiry of their term, can the company redeem the shares at par because it doesnt have any profits or securities premium account or is it mandatory for the company to pay premium on redemption as agreed and arrange either profits or securities premium account at the time of redemption.

Request your advice and relevant provisions.

Thanks

Raj