'Preference shareholders can make an application to Tribunal for relief in case of oppression and mismanagement, but not debentureholders'. Comment.

As per sec 241(1) of the Companies Act, 2013 members of the Company, having the minimum rights specified under Sec 244, may file a complaint before the Tribunal under section 241 seeking appropriate relief in cases of oppression. Position of Preference shareholder: A preference shareholder is also a member as per definition of member in sub-clause (iii) of clause (55) of Section 2 of the Companies Act, 2013 . Hence, a member holding preference shares can make an application to tribunal for relief in cases of oppression and mismanagement. Position of Debenture holder: The definition of member does not include debenture holders either holding convertible instruments or not, hence he can't apply to Tribunal under to protect his interest. Debenture holder being creditors, as per terms of contract, and to protect their interest they have to invoke other remedies available to them.