Declaration should be filed in respect of preference shares also - Companies Law - Letter : No. 8/4(153B)/64‑PR,

Letter : No. 8/4(153B)/64 ‑ PR, dated 24 ‑ 12 ‑ 1964. Subject:- Declaration should be filed in respect of preference shares also Subject to the exemption limits specified in sub‑section (4) of section 153B, the declaration under sub‑section (1) is required to be made by the trustee to the public trustee. Since the said section does not draw any distinction between equity and preference shares and applies equally to both kinds of shares, it is immaterial for the purpose of the section whether the preference shares are participating preference shares and whether they carry any voting rights or not. Both preference and equity shares have, therefore, to be taken into account for the purpose of declaration under sub‑section (1) and the exemption limits under sub-section (4).