Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Petition under sub-section (3) of section 55: Tribunal may approve issue of redeemable preference shares and order redemption</h1> Rule prescribes procedure for petitions under sub-section (3) of section 55: the petition must be in specified Form and accompanied by Annexure B particulars including registration, capital structure, memorandum/articles authorising preference shares, numbers issued and unredeemed, terms of issue, details of non-redeemed or dividend-defaulting preference shares, consent particulars and dates. The Tribunal, after hearing interested persons, may approve issuance of further redeemable preference shares equal to amounts due (including dividends) in respect of unredeemable preference shares and must order immediate redemption of shares held by persons who have not consented; the Tribunal may also award costs at its discretion.
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