CAN NCLT GIVE APPROVE FOR ISSUE UNREDEEBULE PREFERENCE SHARES WHEN PERON HOLDING REDEEMABLE SHARES WHEN COMPANIES ARE IN POSTION OF CAN REDEEM THE SHARS
After the commencement of Companies Act, 2013 Companies cannot issue unredeemable preference shares as per Section 55 of the Companies Act, 2013.
NCLT would never issue such orders on the petition of the company. Further the petition would not even be accepted on grounds of illegal and unlawful demand or prayer.
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