Can Redeemable preference shares be converted into equity shares by alteration or modification of the Terms of Issue (Terms of Issue of Preference shares is silent on the conversion part of preference shares).
If the Company can do so, pls advise the procedure required to be followed in such case.
15 January 2010
Yes. Please comply with the procedure for modification of rights of preference shareholders. IN summary: 1) Proposal from issuing company backed by Board Resl 2) Acceptance by shareholders (signed letter) and resolution, if corporate client.
CAclubindia
