Preference Shares Details
Due dates for redemption of 10% non-convertible Cumulative redeemable preference Shares and the same are yet to be redeemed.
1. 55 Million shares - 29th December 2014.
2. 40 Million shares- 28th February 2015.
3. 61Million shares - 30th March 2015.
4. 45 Million shares - 16th June 2015.
5. 60 Million Shares – 16th June 2016.
6. 20 Million Shares – 3rd August 2016.
Proceedings relating to non - convertible redeemable preference shares
1. Two Preference Shareholders filed commercial suits before the Honorable High Court of Judicature at Bombay for non-redemption of Non- Convertible Cumulative Redeemable Preference Shares on due dates. The cases are pending before the Honorable High Court.
2. Two of the Preference Shareholders filed petitions under section 55 of the Companies Act, 2013/under section 80 of the Companies Act, 1956 before the Honorable National Company Law Tribunal (“NCLT”), Chennai Bench for non-redemption of Non-Convertible Cumulative Redeemable Preference Shares. These two cases were dismissed by the said Tribunal. One of the preference shareholders preferred an appeal against the order of NCLT, Chennai Bench before the Honorable National Company Law Appellate Tribunal (“NCLAT”), New Delhi. NCLAT, New Delhi vide its order No. Company Appeal (AT) No.35 of 2019 dated 29th January, 2020 set aside the order and remitted back to NCLT, Chennai to decide the Petition. The outcome of the case is awaited.
3. One of the Preference Shareholder has filed a Class action suit against the Company before National Company Law Tribunal (“NCLT”) principal bench New Delhi for non-redemption of Preference Shares and the same is pending.