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166 Corporate Finance BRILLIANT’S

shareholders. The equity shareholders receive eo¶ahmoëS>g© Ho$ nhco H¡${nQ>b H$m nwZ^w©JVmZ {H$`m OmVm
their portion only if something is left after pay- h¡Ÿ& CgHo$ níMmV² Omo eof ~MVm h¡, Cgo Bp³dQ>r
ing back to preferential shareholders. It is also a eo¶ahmoëS>g© H$mo ^wJVmZ hmoVm h¡Ÿ& `h ^r {à’$a|{e¶b
preferential right of preferential shareholders. eo¶ahmoëS>g© H$m EH$ _hÎdnyU©© nydm©{YH$ma h¡Ÿ&
4. Voting rights: Generally, preferential 4. _Vm{YH$ma: gm_mÝ`V: {à’$a|{e¶b eo¶ahmoëS>g©
shareholders have no voting rights in general H$mo H$ånZr H$s gmYmaU g^m _| _V XoZo H$m A{YH$ma Zht
meeting of a company but they have right to hmoVm h¡ {H$ÝVw `{X g^m _| {H$gr Eogo {df` Ho$ gå~ÝY _| _V
vote only on that resolution which directly af- XoZm hmo Omo CZHo$ {hVm| H$mo à^m{dV H$a gH$Vo h¢ Vmo CÝh| ^r
fects their rights. Bp³dQ>r eo¶ahmoëS>g© Ho$ g_mZ _V XoZo H$m A{YH$ma hmoVm h¡Ÿ&
5. Get portion in surplus profit: Although, 5. A{V[aŠV cm^ _| {hñgm àmßV H$aZm: d¡go Vmo
preferential shareholders are entitled to receive {à’$a|{e¶b eo¶ahmoëS>g© H$mo EH$ {ZpíMV Xa go hr {S>{dS>oÝS>
fixed rate of dividend, still if profit remains af- nmZo H$m A{YH$ma hmoVm h¡ {H$ÝVw `{X Bp³dQ>r eo¶ahmoëS>g©
ter paying equity shareholders then preferen- H$mo {S>{dS>oÝS> H$m ^wJVmZ H$aZo Ho$ níMmV² ^r `{X Hw$N>
tial shareholders have right to get some por- cm^ eof ah OmVm h¡ Vmo Cg_| {à’$a|{e¶b eo¶ahmoëS>g©
tion from that remaining profit unless there is H$mo ^r {hñgm àmßV H$aZo H$m A{YH$ma hmoVm h¡ {H$ÝVw `{X
an agreement contrary to that in articles of as- Am{Q>©H$ëg _| BgHo$ {dnarV H$moB© àmdYmZ {H$`m J`m hmo Vmo
sociation of the company. {à’$a|{e¶b eo¶ahmoëS>g© H$mo `h A{YH$ma àmßV Zht hmoJmŸ&

(c) Debentures (c) {S>~|Mg©
A company has the authority, if permitted `{X H$ånZr H$mo CgHo$ nmf©X gr_m{Z`_ Am¡a A§V{Z©`_
by its memorandum and articles of association, go AZw_{V àmßV hm| Vmo CgHo$ nmg OZ gm_mÝ` H$mo bmoZ
to invite members of general public to
contribute to its loan capital in the same manner H¡${nQ>b _| Cgr àH$ma {Z_§{ÌV H$aZo H$m A{YH$ma h¡ {Og
as it invites them to contribute to its share àH$ma CÝh| eo¶a H¡${nQ>b _| {Z_§ÌU XoZo H$m A{YH$ma h¡Ÿ&
capital. The loan capital can be raised by a H$ånZr Ûmam eo¶a H¡${nQ>b H$s àmpßV, "{S>~|Ma" Zm_H$
company by the issue of an instrument called
‘Debentures’. BÝñQ¯>_|Q> Omar H$aHo$ H$s Om gH$Vr h¡Ÿ&
A debenture is a written acknowledgment EH$ F$U nÌ, H§$nZr Ûmam grc cJm hþAm {c{IV
of debt by a company usually under seal and
à_mU h¡ Am¡a Bg_| gm_mÝ`V… ã`mO H$m ^wJVmZ Am¡a
generally containing provisions as to payment
of interest and repayment of principal. A per- _ycYZ Ho$ nwZ^w©JVmZ Ho$ àmdYmZ h¢Ÿ& Eogo {c{IV XñVmdoO
son holding such a written acknowledgment àmßV H$aZo dmcm ì`pŠV "{S>~|Ma hmoëS>a" H$hcmVm h¡Ÿ&
is called ‘Debenture holder’.
According to Section 2 (30) of the Companies H$ånZr A{Y{Z`_, 2013 H$s Ymam 2(30) Ho$
Act 2013, ‘debenture’ includes “debenture stock, AZwgma, {S>~|Ma _| ""{S>~|Ma ñQ>m°H$ ~m°ÝS>g Am¡a H$ånZr
bonds and any other securities of a company H$s H$moB© AÝ` à{V^y{V`m± em{_c h¢ Mmho BZ_| H$ån{Z`m| H$s
whether constituting a charge on the assets of gån{Îm cJr hmo `m ZhtŸ&"" Bg àH$ma BgH$s AcJ {deofVm
the company or not.” Thus, from the viewpoint
of its distinctive feature, a debenture may be H$s Ñ{ï> go {S>~|Ma H$mo Eogo g{Q>©{’$Ho$Q> Ho$ ê$n _| n[a^m{fV
described as a certificate which: {H$`m Om gH$Vm h¡ {Og_|…