11. 12. 13. Or re re a ee Cumulative Convertible Preference Shares: A type of preference eae the dividends payable on the same accumulate, if not paid. After specific i” e company.) date, these shares will be converted into equity capital of th e 1996-97 Unior ° Voting Right Shares were introduced in India by th a get. These shares are closely similar to preference aber aa carry any voting right. N.V.R. shares do not carry @ Pre determined dividend The investor takes a big risk and the company compensates the loss of contro} with high rate of dividend payable on such shares. ‘The investor ca? participate in the capital appreciation also. Differential Voting Right Shares (DVR) he Companies Act permits a company to issue D other conditions, the company has distributable profi in filing annual accounts and returns for at least three issue of such shares cannot exceed 25 per cent of the total is of the company. (Tata Motors was the first company Tata Motors had issued 6.4 crore shi part of its ¥ 4,145 crore rights issue to re| VR shares when, among its and has not defaulted financial years.) The sued share capital in India to issue shares with DVRs. 2 ares with DVRs in Novermber 2008 as pay the loan taken for its acquisition2» a ced at 8240 0 share, ri rand Rover rhe ordinary rights issue percent denon 8. an the DUR aha However for a 1 per 1d on DVR shares. Motora agrees ‘© give 6 per cent dividen 14, cash flow term any asset with a long Toans sce a ane tr eectat® the house or the ene es onder ® Security.) 1 poo ® finance ompany oe ine an = 'Y which provides housing smaller et nto one an This would then be divided into estore, The a, store would receive a certificate, os ser tee, with the eee depending on the v Stet and the credit san involved. — Dy Special Purpose Vehicles which are ‘aly formed fo: : soagement companicci utial tanga PPO And function ie ever In the country i ment Finance Corporatio are = (HDFC), SRF Finance, to have undertaken securitisation of their ener does not exint 8 Yet a well-developed retail market for these instruments er the country, In order to deve;