NCLT Dismisses Plea as Preference Share Extension Within 20-Year Limit Needs No Approval

EDAC Engineering Ltd. Vs Registrar of Companies (NCLT Chennai) The National Company Law Tribunal considered a petition filed under Section 55(3) of the Companies Act, 2013 seeking approval for reissuance of 9% redeemable cumulative preference shares amounting to Rs. 11.80 crore (including dividend) in favour of Sicagen India Limited for a further period of five years from January 1, 2024. The petitioner company, incorporated under the Companies Act, 1956, had issued 1 crore 9% redeemable cumulative preference shares of face value Rs. 10 each to Sicagen India Limited. The total redemption amoun...