Section 9(1) in Companies (Share Capital and Debentures) Rules, 2014
(1)A company having a share capital may, if so authorised by its articles, issue preference shares subject to the following conditions, namely:-(a)the issue of such shares has been authorised by passing a special resolution in the general meeting of the company(b)the company, at the time of such issue of preference shares, has no subsisting default in the redemption of preference shares issued either before or after the commencement of this Act or in payment of dividend due on any preference shares.
