https://www.taxtmi.com/acts?id=15490 Companies are prohibited from issuing irredeemable preference shares. Redeemable preference shares may be issued if authorised by articles and subject to prescribed conditions; redemption must be from distributable profits or fresh share issue proceeds and only when fully paid. Where redeemed from profits, an amount equal to the nominal value must be transferred to the Capital Redemption Reserve Account treated as paid-up capital. Premium on redemption is to be met from profits or securities premium account as prescribed. If a company cannot redeem or pay dividends, with requisite holder consent and Tribunal approval it may issue further redeemable preference shares equal to amounts due, with non-consenting holders to be redeemed forthwith. en-us Mon, 19 Dec 2011 18:21:12 +0530 Mon, 19 Dec 2011 18:21:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=15490 Companies are prohibited from issuing irredeemable preference shares. Redeemable preference shares may be issued if authorised by articles and subject to prescribed conditions; redemption must be from distributable profits or fresh share issue proceeds and only when fully paid. Where redeemed from profits, an amount equal to the nominal value must be transferred to the Capital Redemption Reserve Account treated as paid-up capital. Premium on redemption is to be met from profits or securities premium account as prescribed. If a company cannot redeem or pay dividends, with requisite holder consent and Tribunal approval it may issue further redeemable preference shares equal to amounts due, with non-consenting holders to be redeemed forthwith. Act-Rules Bill Mon, 19 Dec 2011 18:21:12 +0530 https://www.taxtmi.com/acts?id=15490