Question
As per Companies Act, 2013, a company can issue secured
debentures with a maximum tenure of _______ years and preference shares with a maximum tenure of ________ years.Solution
Section 55 - Issue and redemption of Preference Shares: A company limited by shares: o Cannot issue irredeemable preference shares, o can issue preference shares redeemable within a period up to 20 years (if authorized by articles), o can issue preference shares for more than 20 years and up to 30 years for infrastructure projects (provided redemption of a minimum 10% of such preference shares per year from the 21st year onwards or earlier) Section 71 - Conditions for issue of Debentures: Tenure for secured Debentures: · Maximum 10 years · Exceptions : allowed up to 30 years for: Company setting up infra projects Infrastructure Finance Company (NBFC-IFC) Infrastructure Debt Fund (NBFC-IDF) Company permitted by Govt./RBI/NHB
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