Sec. 81 - Issue of non-cumulative preference shares - Board Resolution

Sec. 81 - Issue of non-cumulative preference shares - Board Resolution

"RESOLVED that subject to the approval of SEBI and other statutory approvals, if any, 13% non-cumulative redeemable preference shares of Rs…….. each forming part of the authorized capital of the company and remaining unsubscribed be issue at par and allotted to any person or persons, as the Board of Directors deem fit, on the following terms and conditions :

(a) The share shall carry a right to a preferential dividend of 13% per annum in relation to the capital paid-up on them.

(b) The holders of the said shares shall have a right to attend General Meetings and note the resolutions directly affecting their interest or where the dividends in respect thereof are in arrears for the two financial years immediately preceding the meeting or for any three years during the period of six years ending with the financial year preceding the meeting, on all resolutions at every meeting of the company.

(c) In a winding-up, the holders of the said shares shall be entitled to a preferential right of return of the amount paid-up on the shares, but shall not have any further right or claim over the surplus assets of the company.