RT Exports Limited (‘RTEL’) was incorporated as a Private Limited Company under the name and style of “R.T. Exports Private Limited” on 1st May, 1980 in the state of Maharashtra having its registered office at Mumbai. The company converted to a Public Limited company and the name was changed to “RT Exports Limited”. The company got listed on BSE on 30th July, 2001. The company is engaged in business of export and local trading of agri-products especially Basmati rice which is procured from Bundi, Rajasthan and exported under the brand name “White Pearl” to various countries like US, UK, European and Gulf countries.

Transaction

The company proposes to reduce its entire issued and paid-up Preference share capital under section 66 of the Companies Act, 2013 (‘Act’). The Company has issued 700,000, 9% Cumulative Preference Shares of Rs. 100/- each fully paid-up which are due to be redeemed on or before March 31, 2020. The Company has further issued 11,98,258, 6% Non-Cumulative Preference Shares of Rs.100/- each fully paid-up off which 4,02,843 shares were redeemed on 2008, and balance 7,95,415 which are due to be redeemed on or before March 31, 2020. The Company is not in a position to redeem the aforesaid preference shares in view of inadequate profits.

Please Note: There is no clarity on redemption terms as there is difference in terms mentioned in the scheme and financial of the company.

Details of preference shares

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