https://www.taxtmi.com/caselaws?id=97782 Preference shareholders were held, on the articles as a whole, to have a rateable right to share in the residual assets on winding up after payment of debts, liabilities, costs, arrears of preference dividend, and repayment of paid-up capital. Article 140 was treated as permitting capitalisation of reserves, including a reserve arising from bona fide revaluation of capital assets, provided the sum could lawfully be distributed and no class rights were infringed. The Court also accepted that the later share subdivision and voting adjustments enlarged the voting entitlements reflected in the declaration, and that the preference rights in the memorandum were not varied. en-us Thu, 02 Feb 1961 00:00:00 +0530 Wed, 18 Jan 2012 10:55:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97782 Preference shareholders were held, on the articles as a whole, to have a rateable right to share in the residual assets on winding up after payment of debts, liabilities, costs, arrears of preference dividend, and repayment of paid-up capital. Article 140 was treated as permitting capitalisation of reserves, including a reserve arising from bona fide revaluation of capital assets, provided the sum could lawfully be distributed and no class rights were infringed. The Court also accepted that the later share subdivision and voting adjustments enlarged the voting entitlements reflected in the declaration, and that the preference rights in the memorandum were not varied. Case-Laws Companies Law Thu, 02 Feb 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97782