Redemption of irredeemable preference shares, etc.

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....e commencement of the Companies (Amendment) Act, 1988,__      (a) which is irredeemable, shall be redeemed by the company within a period not exceeding five years from such commencement, or      (b) which is not redeemable before the expiry of ten years from the date of issue thereon in accordance with the terms of its issue and which had not been redeemed....

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....shares shall be deemed to have been redeemed. (2) Nothing contained in section 106 or any scheme referred to in sections 391 to 395, or in any scheme made under section 396, shall be deemed to confer power on any class of shareholders by resolution or on any Court [4][or the Tribunal] or the Central Government to vary or modify the provisions of this section. (3) If any default is made in comply....