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Legal Updates on Company law – By Company law Expert

Redeemable preference shares without fixed tenure are part of paid-up capital, a component of net worth, not a liability

Date Of Article : 04/26/2023

HIGH COURT OF DELHI in Teq Green Power XIII (P.) Ltd. v.REMC Ltd has held that when preference shares issued by the issuer are redeemable only on the option of the issuer and there is no tenure attached to the shares and further under Section 2(57) of the Companies Act the definition of net worth uses the expression paid-up share capital which is defined under Section 2(64) of the Companies Act to mean that the paid up share capital is the aggregate amount of money credited as paid up capital and is equivalent to the amount received as paid up capital in respect of shares issued including the amount credited as paid up capital in respect of shares of the company and further Section 43 of the Companies Act states that the share capital of a company limited by shares includes equity share capital and preference share capital which means that the expression includes both preference share capital as well as equity share capital of the company and hence the redeemable preference shares without fixed tenure are part of paid up capital and a component of networth.