Dear All,
Whether redemptions of redeemable prefernce shares amounts to reduction of share capital of the company?
meenu
11 Replies
meenu
(cs)
(416 Points)
Replied 09 October 2009
Poonam,
Whether company has to pass special resolution in general metting for the same?
Astha
( )
(72 Points)
Replied 09 October 2009
Yes ,a Limited Company having share capital ,if so authorised by its articles ,by special resolution,may reduce its share capital .
Regards
========
Gargi Ranade
(CS)
(619 Points)
Replied 10 October 2009
Hi Meenu !
As per my knowledge
section 80 sub-section (3) states that redemption of preference shares does not tantamounts to reduction of authorised capital.
In case of Pvt. Co. redemption if co.is redeeming preference shares as per issue terms. there is no need to take special permission through EGM .
You can regularise redemption in the AGM by noting that point in AGM .
I have done redemption by passing Board resolution and later on regularising that mtter .
After redemption you need to file Form 5 without payment of stamp duty .
If you want detail checklist of rdemption please let me know I will provide you same.
Regards,
Gargi
meenu
(cs)
(416 Points)
Replied 10 October 2009
Dear Gargi,
Kindly fwd the same pls.
Best Regards,
meenu
Astha
( )
(72 Points)
Replied 12 October 2009
Dear Ms Gargi,
Pls share the checklist here so that everyone can get to know about procedure to deal with the aforesaid issue.
Regards
===========
Gargi Ranade
(CS)
(619 Points)
Replied 13 October 2009
Hi dear all,
I am very sorry for delay , but will def. upload it maximum by tomorrow morning.
I was out of office for last 2 days hence did not get time to upload .
I have done redemption of shares held by NRI ,hence need to make some changes for Residential shareholders checklist , I will require some timefor doing so
once again sorry for delay
Gargi Ranade
(CS)
(619 Points)
Replied 14 October 2009
please find attached checklist for redemption
Attached File : 38 redemption check list doc.doc downloaded: 310 times
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