In case a company has issued redeemable preference shares for 3 years and thereafter the same have not been redeemed and a period of 5 years have lapsed thereafter, wt should a CS do to rectify the same. How will the roll over of the aforesaid preference shares. please share ur views.
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Roll Over of Preference Shares
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The default has already occurred and it is a prolonged and continuing one. The rectification process is only to call for the meeting of the preference holders and get their consent for extension and redeem the shares within the extended time.
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