Conversion of non-cumulative redeemable preference shares into equity shares

Arvind Iyer (Querist) 19 September 2014 This query is : Resolved
Dear Legal Experts,

A Private Limited Company wants to convert Non-Cumulative Redeemable Preference Shares into Equity shares with the consent of all the Class shareholders and by passing a special resolution under the Companies Act, 2013.

Is it legally justifiable on the part of the Company to do the same, Kindly advise.

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Devajyoti Barman (Expert) 19 September 2014
Looks like pure academic query.

Raj Kumar Makkad (Expert) 22 September 2014
Word justifiable is a vague term. If shareholders do permit, the decision shall definitely be regarded as justifiable on their side.

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