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.
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.
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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Shaswat initial support private limited
Ahmedabad
CS
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T R SOOD & CO
New Delhi
CA Inter
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CAclubindia
