redemption of preference shares

Stat Audit 699 views 1 replies

Shazia

CA student

25 Points Joined February 2008

i have 1 query related to redemption of preference shares

The redemption of preference shares were due on 31st March 2004 & the same has been not redeemed till date.

Apart from the penalty of Rs. One thousand per day & imprisonment for 3 years, any other thing related to such non compliance of Sec 80. Also what is the time limit for filing the petition to CLB for reissue of redeemable preference shares?

Replies (1)

Guest

Dear Shazia As per Sec 80 of Cos. Act any co. making default of Sec 80 shall be liable to pay fine of Rs.10000 per day(not Rs.1000) untill the default continues.