Sec. 80 - Redemption of preference shares from the proceeds of fresh issue of preference shares;

Sec. 80 - Redemption of preference shares from the proceeds of fresh issue of preference shares;

"RESOLVED that pursuant to section 80(4) of the Companies Act, 1956, 1,500 nine per cent redeemable preference shares of Rs. 100/- each be issued upon such terms and conditions and are set out in the statement submitted to this meeting and the proceeds oft his new issue be utilized for the purpose of redeeming the existing 1500 nine per cent redeemable preference shares of Rs. 100/- each."