Preference shares are those shares which has priority over the equity shares in payment of dividend. These shares not only have a preferential right to receive dividends but also repayment of capital on winding up.
source https://www.caclubindia.com/articles/issue-redemption-of-preference-shares-section-55-of-companies-act-2013-45749.asp
source https://www.caclubindia.com/articles/issue-redemption-of-preference-shares-section-55-of-companies-act-2013-45749.asp
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