Super Brain Coaching Limited was engaged in offline coaching of students for various competitive examinations. It was one of the pioneer in its…
CA Intermediate · Corporate and Other Laws · PYQS · September 2024
Super Brain Coaching Limited was engaged in offline coaching of students for various competitive examinations. It was one of the pioneer in its field. It suffered losses due to various social and government restrictions imposed on study centers. On account of this, it defaulted in the repayment of term loan for the first two quarters of the financial year 2023-24. However, Super Brain Coaching Limited adapted itself to the changing circumstances and shifted to online mode of coaching and revived its financial conditions. On 31st December 2023, it cleared all the dues and regularized the term loan. Super Brain Coaching Limited wants to issue equity shares with differential rights. When can the issue be made?
Suggested Answer and Working Notes:
Correct Answer: Option (B)
(B) On or after April 1st 2029
Topics: The Foreign Exchange Management Act, 1999
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