Section 7(3) in The Iron And Steel Companies Amalgamation Act, 1952
(3)Every shareholder in the dissolved company to whom a preference share has been allotted under this section shall be entitled--(i)to receive a fixed cumulative preferential dividend at the rate of five per cent, per annum as from the 1st day of January, 1953, on the capital for the time being paid up or credited as having been fully paid up thereon without deduction of Indian income--tax paid by the company;(ii)subject to the provisions of clause (i), to rank for dividend equally with the holders of preference shares in the Iron and Steel Company immediately before the appointed day, and in priority to all other shareholders in that company;(iii)to be repaid, in the winding up of the Iron and Steel Company, the amounts paid up or credited as having been fully paid up thereon, together with any arrears of dividends (whether earned or not), calculated to the date of repayment of capital, equally with the holders of preference shares in the Iron and Steel Company immediately, before the appointed day , and in priority to all other shareholders in that company;(iv)to exercise the same voting rights at general meetings of the Iron and Steel Company as are conferred on the holders of preference shares in that company immediately before the appointed day.
