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Preference Shares (Regulation of Dividends) Act, 1960 Section 3

Title: Regulation of Dividends on Preference Shares in Certain Cases

State: Central

Year: 1960

.....the stipulated dividend in the cases refereed to in sub-section (1), or (ii) by eleven per cent of the stipulated dividend in the cases referred to in sub-section (3). (5) For the purposes of sub-section (1), sub-section (3) and sub-section (4), any reference therein to the stipulated dividend shall, in respect of a preference share issued and subscribed for on or before the 31st March, 1959, be construed as a reference to the stipulated dividend as on that day. (6) For the removal of doubts, it is hereby declared that nay reference in this section and section 4A to deduction made form a dividend on account of income-tax payable by the company does not include nay amount deducted by the company from the dividend under Section 194 of the Income-tax Act, 1961 (43 of 1961).

Preference Shares (Regulation of Dividends) Act, 1960 Complete Act

Title: Preference Shares (Regulation of Dividends) Act, 1960

State: Central

Year: 1960

Preamble1 - PREFERENCE SHARES (Regulation of Dividends) Act, 1960 Section1 - Short title and commencement Section2 - Definitions Section3 - Regulation of dividends on preference shares in certain cases Section4 - Special provisions in relation to companies where a portion of their income is not chargeable to income-tax Section4A - Deduction of income-tax Section5 - Overriding effect of Act Section6 - Act not to apply to participating preference dividends Section7 - Power to made rules ScheduleI - SCHEDULE

Preference Shares (Regulation of Dividends) Act, 1960 Preamble 1

Title: Preference Shares (Regulation of Dividends) Act, 1960

State: Central

Year: 1960

PREFERENCE SHARES (Regulation of Dividends) Act, 1960 [Act, No. 63 OF 1960] PREAMBLE An Act to regulate dividends on preference shares of certain companies. Be it enacted by Parliament in the Eleventh Year of the Republic of India as follows: -

Preference Shares (Regulation of Dividends) Act, 1960 Section 6

Title: Act Not to Apply to Participating Preference Dividends

State: Central

Year: 1960

Nothing contained in section 3 or section 4 shall apply to such part of any dividend on preference shares as is referred to in clause (i) of the Explanation to sub-section (1) of section 85 of the Companies Act.

Preference Shares (Regulation of Dividends) Act, 1960 Complete Act

State: Central

Year: 1960

.....and expressions used but not defined in this Act and defined in the Companies Act shall have the meanings respectively assigned to them in that Act SECTION 03: REGULATION OF DIVIDENDS ON PREFERENCE SHARES IN CERTAIN CASES (1) Where the stipulated dividend in respect of a preference share of a company issued and subscribed for before the 1st April, 1960,- (a) is specified to be free of income-tax and no deduction is made therefrom on account of the income-tax payable by the company, or (b) was being paid before the 1st April, 1960, without any deduction there- from on account of the income-tax payable by the company, notwithstanding the absence of any specification that the dividend would be free of income-tax, every such share shall, as respects dividends declared after the commencement of this Act, carry a preferential right to be paid without any deduction aforesaid such amount as would exceed the stipulated dividend by thirty per cent thereof. (2) Where the stipulated dividend in respect of a preference share of a company issued and subscribed for after the 31st March, 1959, and before the 1st of April, 1960, is free of income-tax and the company, besides paying the.....

Companies Act, 2013, Section 55

Title: Issue and Redemption of Preference Shares

State: Central

Year: 2013

.....in respect of the unredeemed preference shares, and on the issue of such further redeemable preference shares, the unredeemed preference shares shall be deemed to have been redeemed: Provided that the Tribunal shall, while giving approval under this sub-section, order the redemption forthwith of preference shares held by such persons who have not consented to the issue of further redeemable preference shares. Explanation.--For the removal of doubts, it is hereby declared that the issue of further redeemable preference shares or the redemption of preference shares under this section shall not be deemed to be an increase or, as the case may be, a reduction, in the share capital of the company. (4) The capital redemption reserve account may, notwithstanding anything in this section, be applied by the company, in paying up unissued shares of the company to be issued to members of the company as fully paid bonus shares. Explanation.--For the purposes of sub-section (2), the term "infrastructure projects" means the infrastructure projects specified in Schedule VI.

Companies Act, 1956 Section 80A

Title: Redemption of Irredeemable Preference Shares, Etc.

State: Central

Year: 1956

.....the Central Government to vary or modify the provisions of this section. (3) If any default is made in complying with the provisions of this section, - (a) the company making such default shall be punishable with fine which may extend to4[ten thousand rupees] for every day during which such default continues; and (b) every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine.] _____________________ 1. Inserted by Act 31 of 1988, Section 14 (w.e.f. 15-6-1988). 2. Substituted by Act 11 of 2003, Section 13, for "Company Law Board". 3. Substituted by Act 11 of 2003, Section 13, for "any court". 4. Substituted by Act 53 of 2000, Section 36, for "one thousand rupees" (w.e.f. 13-12-2000).

Companies Act, 1956 Section 80

Title: Power to Issue Redeemable Preference Shares

State: Central

Year: 1956

.....with the provisions of this section, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to5[ten thousand rupees]. _____________________ 1. Substituted by Act 21 of 1999, Section 7, for "share premium account" (w.r.e.f. 31-10-1998). 2. Substituted by Act 65 of 1960, Section 23, for "the capital redemption reserve fund" (w.e.f. 28-12-1960). 3. Substituted by Act 65 of 1960, Section 23, for "section 601" (w.e.f. 28-12-1960). 4. Sub-section (5A) Inserted by Act 31 of 1988, Section 13 (w.e.f. 15-6-1988) and Substituted by Act 5 of 1997, Section 5 (w.e.f. 1-3-1997). 5. Substituted by Act 53 of 2000, Section 35, for "one thousand rupees" (w.e.f. 13-12-2000).

State Financial Corporations Act, 1951 Section 4D

Title: Issue of Redeemable Preference Shares

State: Central

Year: 1951

.....shares as it may decide into redeemable preference shares, with the prior approval of the State Government and the Small Industries Bank, by a resolution passed in the general meeting of the shareholers: Provided that such conversion shall in no case reduce the equity shares held by the parties referred to in Clauses (a), (b) and (c) of Sub-section (3) of Section 4 to less than fifty-one per cent, of the issued equity capital of the Financial Corporation. (2) The redeemable preference shares referred to in Sub-section (1) shall-- (a) carry such fixed rate of dividend as the Financial Corporation may specify at the time of such issue or conversion; and (b) neither be transferable nor carry any voting rights. (3) The redeemable preference shares referred to in Sub-section (1) shall be redeemed by the Financial Corporation in such instalments and in such manner as the Board may determine. ______________________ 1. Inserted by Act 39 of 2000, section 6 (w.e.f. 5-9-2000).

Industrial Development Bank of India Act, 1964 [Repealed] Section 4E

Title: Conversion of Equity Shares into Redeemable Preference Shares

State: Central

Year: 1964

Section 4E - Conversion of equity shares into redeemable preference shares 1[ 4E. Conversion of equity shares into redeemable preference shares (1) The Central Government may, at any time after the commencement of the Industrial Development Bank of India (Amendment) Act, 1995 and by notification in the Official Gazette, convert such number of equity shares held by it not exceeding fifty crores as it may decide into redeemable preference shares. (2) The redeemable preference shares referred to in sub-section (1) shall-- (a) carry such fixed rate of dividend as the Central Government may specify at the time of such conversion, and (b) neither be transferable nor carry any voting rights. (3) The redeemable preference shares referred to in sub-section (1) shall be redeemable by the Development Bank within three years from the date of such conversion in such instalments and in such manner as the Board may determine. ] _ _____________________ 1. Inserted by Act 5 of 1995, sec. 5 (w.r.e.f. 12-10-1994).