https://www.taxtmi.com/caselaws?id=111525 The High Court allowed the appeal, holding that the strict interpretation by the Company Law Board of the proviso to section 80A of the Companies Act was unjustified. The Court determined that the appellant's actions aligned with the legislative intent of replacing irredeemable preference shares with redeemable ones, and prior consent from the Board was not explicitly required. The Court directed the Board to reconsider the application and grant permission for issuing redeemable preference shares in accordance with the law, awarding costs to the appellant's counsel. en-us Thu, 05 Jan 2006 00:00:00 +0530 Mon, 23 Apr 2012 18:24:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111525 The High Court allowed the appeal, holding that the strict interpretation by the Company Law Board of the proviso to section 80A of the Companies Act was unjustified. The Court determined that the appellant's actions aligned with the legislative intent of replacing irredeemable preference shares with redeemable ones, and prior consent from the Board was not explicitly required. The Court directed the Board to reconsider the application and grant permission for issuing redeemable preference shares in accordance with the law, awarding costs to the appellant's counsel. Case-Laws Companies Law Thu, 05 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111525