1. This is a petition by Auckland International Ltd. under section 80A of the Companies Act, 1956, seeking consent of the Company Law Board to the issue of further 15 per cent redeemable cumulative preference shares (redeemable at par not later than 14-6-2003) equal to the nominal amount including arrear of dividend accrued thereon in lieu of the existing 10,000 - 5.5 per cent cumulative preference shares of Rs. 100 each and 15,000 - 4.5 per cent redeemable cumulative preference shares of Rs. 100 each, fully paid-up.

2. It is stated in the petition that the issued subscribed and paid-up capital of the company consist, inter alia, of Rs. 10,000 - 5.5 per cent cumulative preference shares of Rs. 100, each fully paid-up, and 15,000 - 4.5 per cent redeemable cumulative preference shares of Rs. 100, each fully paid-up, which were allotted and issued to the preference shareholders of Auckland Jute Co. Ltd. (since amalgamated with Auckland International Ltd.) pursuant to the scheme of amalgamation sanctioned by an order dated 13-11-1980, of the Hon'ble Calcutta High Court and also with the consent of the then Controller of Capital Issues, By virtue of the provisions of section 80A of