redemption of preference shares

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CA student
21 Points Posted on 28 July 2010

hi

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?

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On 28 July 2010 at 15:08 Report
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Posted on 28 July 2010
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.
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On 28 July 2010 at 17:38

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