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of <h1>Petition Filed Under Section 55(3) and Rule 69 for Issuing Redeemable Preference Shares Reviewed for Approval</h1> A petition under sub-section (3) of section 55 of the Companies Law, as per Rule 69 of the National Company Law Tribunal Rules, 2016, must be filed in Form No. NCLT. 1. It must include details like registration particulars, capital structure, authorization for preference shares, issued and unredeemed preference shares, and consent details. The Tribunal, after reviewing the petition, may approve issuing further redeemable preference shares to cover unredeemed shares and dividends. If approval is granted, non-consenting holders' shares must be redeemed immediately. The Tribunal may also decide on costs as deemed appropriate.
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