Preference Shares Details - Aban

Preference Shares Details

Due dates for redemption of 10% non-convertible Cumulative redeemable preference Shares and the same are yet to be redeemed

55 Million shares

29th December 2014

40 Million shares

28th February 2015

61 Million shares

30th March 2015

45 Million shares

16th June 2015

60 Million Shares

16th June 2016

20 Million Shares

3rd August 2016

Preference Shares Details

Proceedings relating to non - convertible redeemable preference shares

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
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
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