4.1.10-Companies (Share Capital and Debentures) Rules, 2014

10. Issue and redemption of preference shares by company in infrastructural projects.-

A company engaged in the setting up and dealing with of infrastructural projects may issue preference shares for a period exceeding twenty years but not exceeding thirty years, subject to the redemption of a minimum ten percent of such preference shares per year from the twenty first year onwards or earlier, on proportionate basis, at the option of the preference shareholders.