69. Petition under sub-section (3) of section 55.-

(1) The petition under sub-section (3) of section 55 of the Act shall be in Form No. NCLT. 1 and shall be accompanied by documents mentioned in Annexure B and setting out:

(a) particulars of registration

(b) capital structure, the different classes of shares into which the share capital of the company is divided;

(c) the provisions of the memorandum or articles authorizing the issue of preference shares;

(d) total number of preference shares issued;

(e) details of such preference shares that are not redeemed or unable to pay dividend;

(f) termsand conditions of issue of such existing preference shares;

(g) total number of such preference shares (unredeemed) and number of holders consented for with value of such preference shares and percentage of holders who have consented for; and

(h) date or dates on which the consent was given or the resolution was passed.

(2) On petition under sub-section (1), the Tribunal, after hearing the petitioner and any other person as appears to it to be interested in the petition, may, if it is satisfied, having regard to all the circumstances of the case, approve for issue of further redeemable preference shares equal to the amount due, including the dividend thereon, in respect of unredeemable preference shares:

Provided that the Tribunal shall, while giving approval, order the redemption forthwith of preference shares held by such persons who have not consented to the issue of further redeemable preference shares:

Provided further that the Tribunal may, at its discretion, make such orders as to costs as it thinks fit,

1[(3) The decision of the Tribunal on the petition shall be final.]


1. Omitted as per the MCA Notification for The National Company Law Tribunal (Amendment) Rules, Dated 20th December, 2016.