resolution for redemption of preference shares
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Kanak Jain
Jun 19, 2015, 12:08:20 AM6/19/15
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Dear All
please provide me shareholders resolution for redemption of preference shares in listed company.
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Thanks & regards
Kanak Jain
Company Secretary
diwakar agarwal
Jun 19, 2015, 1:23:45 AM6/19/15
to csmy...@googlegroups.com
resolution for redemption of pref. share as given under
RESOLVED FURTHER THAT the Register of members relating to 1,00,000 12% Cumulative Redeemable Preference Shares of Rs 100 each and the Share Transfer books be closed from _______ to _______ (both days inclusive) and the notice thereof be duly given by the CompanySecretary to the stock exchanges and in the newspaper by way of an advertisement.
II. Specimen of General meeting resolution for variation of shareholders' rights
RESOLVED THAT subject to the provisions contained in section 106 of the Companies Act, 1956 approval be and is hereby granted for increasing the rate of preference divided from 10% to 12% and
for making consequential amendments to Clause V of the Memorandum of Association and Article 5 of the Articles of Association of the Company.
RESOLVED FURTHER THAT the Board of directors of the Company be and are hereby authorised to do all such acts, deeds and things necessary for the purpose of giving effect to this resolution.
Explanatory statement
The company had issued 1,00,000 10% Redeemable Cumulative Preference Shares of Rs. 100 each for augmenting meeting its working requirements immediately after commencement ofcommercial production. Now, the company's products have been well accepted in the market and company has been doing extremely well.
A demand was raised by the preference shareholders for increasing the rate of dividend on the preference shares and the Board of directors of the company has accepted the said demand.
Hence, the resolution is to be passed as special resolution u/s 106 of the Companies Act, 1956. None of the directors is interested in the proposed resolution.
Appendix 5
Specimen of notice to be published in newspaper for proposed redemption of preference shares:
Notice is hereby given that the company will redeem 1,00,000 12% Redeemable Cumulative Preference Shares on ............. Shareholders are requested to deposit their share certificates in respect of these shares on or before ................. at the registered office of the company at ............... to enable the company to make the payment in respect thereof. The Share Transfer Register in respect of 1,00,000 12% redeemable cumulative preference shares and the register of members will remain closed from ................. to ................... (both days inclusive) for the aforesaid purpose.
Notices have already been forwarded to the shareholders individually.
By Order of the Board
For ABC Ltd.
Company Secretary
RESOLVED THAT pursuant to the provisions of section 55 of the Companies Act, 2013, 1,00,000 12% Cumulative Redeemable Preference Shares of Rs 100 each aggregating to Rs 1,00,00,000 be redeemed out of the current years profits on 31st October, 2006, the due date of redemption, by surrender of shares by the shareholders thereof.
RESOLVED FURTHER THAT the Register of members relating to 1,00,000 12% Cumulative Redeemable Preference Shares of Rs 100 each and the Share Transfer books be closed from _______ to _______ (both days inclusive) and the notice thereof be duly given by the CompanySecretary to the stock exchanges and in the newspaper by way of an advertisement.
II. Specimen of General meeting resolution for variation of shareholders' rights
RESOLVED THAT subject to the provisions contained in section 106 of the Companies Act, 1956 approval be and is hereby granted for increasing the rate of preference divided from 10% to 12% and
for making consequential amendments to Clause V of the Memorandum of Association and Article 5 of the Articles of Association of the Company.
RESOLVED FURTHER THAT the Board of directors of the Company be and are hereby authorised to do all such acts, deeds and things necessary for the purpose of giving effect to this resolution.
Explanatory statement
The company had issued 1,00,000 10% Redeemable Cumulative Preference Shares of Rs. 100 each for augmenting meeting its working requirements immediately after commencement ofcommercial production. Now, the company's products have been well accepted in the market and company has been doing extremely well.
A demand was raised by the preference shareholders for increasing the rate of dividend on the preference shares and the Board of directors of the company has accepted the said demand.
Hence, the resolution is to be passed as special resolution u/s 106 of the Companies Act, 1956. None of the directors is interested in the proposed resolution.
Appendix 5
Specimen of notice to be published in newspaper for proposed redemption of preference shares:
Notice is hereby given that the company will redeem 1,00,000 12% Redeemable Cumulative Preference Shares on ............. Shareholders are requested to deposit their share certificates in respect of these shares on or before ................. at the registered office of the company at ............... to enable the company to make the payment in respect thereof. The Share Transfer Register in respect of 1,00,000 12% redeemable cumulative preference shares and the register of members will remain closed from ................. to ................... (both days inclusive) for the aforesaid purpose.
Notices have already been forwarded to the shareholders individually.
By Order of the Board
For ABC Ltd.
Company Secretary
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Please feel free to contact me for any further information/clarification in this regard.
With best regards and Greetings!
Diwakar Agrawal
New Delhi, Cell : 09911746549
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