Bank of Baroda vs. Aban Off-Shore Limited

The Companies Act 2013 is a comprehensive legislation that governs the formation, functioning, and regulation of companies in India. It replaced the Companies Act of 1956 and brought significant changes and reforms to corporate governance, investor protection, and ease of improving corporate governance standards, enhancing shareholder rights, and strengthening and aligning the corporate legal framework with international best practices, ensuring transparency, accountability, and responsible business conduct. It introduced several new provisions and amendments to improve corporate governance standards, enhance shareholder rights, and strengthen regulatory oversight. Preference shares, also known as preferred shares or preference stock, are a class of shares issued by a company that carries certain preferential rights and privileges over common shares. They represent an ownership interest in a company but have specific features that distinguish them from ordinary shares. Preference shares provide a balance between equity and debt instruments, as they offer certain fixed-income characteristics while still being considered part of the company's equity capital. The specific rights and features of preference shares may vary depending on the company and the terms specified in the share issuance documents.