The company had earlier allotted 1,06,46,000 9% cumulative redeemable preference shares of Rs 10 each to M/s Mercantile Ventures Limited of which 1,04,20,000 shares were allotted on 6 September 2017 and dividend for the same has not been paid till date, due to which they are now entitled to voting rights as per 2nd proviso to Section 47 of Companies Act, 2013