Hi, "X Ltd" company allotted its sister concern company "Y Ltd" 4.5% Redeemable Cumulative preference shares (7 lakh shares) to be redeemed after 3 years from allotment. (Approval taken AGM and post that allotted through Board meeting As company was not able to redeem post 3 years, X ltd with approval of Board X ltd extended period of redemption for 3 years more - Is this correct way to do, without taking members approval can period be extended? Further can this preference shares be converted in equity shares by X ltd? Both Company are listed on BSE and NSE

Section 39 Allotment of securities by company