Section 7(3)(iii) in The Iron And Steel Companies Amalgamation Act, 1952
(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;