WHY C IS NOT THE ANSWER?
PARTICIPATING PREFERENCE SHARE DO HAVE PART IN THE OPERATING PROFIT OF THE COMPANY
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BUT SIR PARTICIPATING PREFERNECE SHARES TAKES PART IN OPERATING PROFIT WHEN PROFIT CROSSES THE HURDLE RATE. SO WHY NOT C?(PLEASE EXPLAIN)
No they generally did not share in the operating performance of the company.Read the 3rd line given in the core