what is cumlative and non cumlative debentures ?????????????/

Debentures can not be bifurcated as Cumulative and Non-cumulative debentures.

The debentures of a company can be of the following types.

1. Secured debentures
2. Unsecured debentures
3. Redeemable Debentures
4. Irredeemable Debentures
5. Convertible Debentures
6. Non-Convertible Debentures
7. Specific Coupon Rate Debentures
8. Zero Coupon Rate Debentures
9. Registered Debentures
10. Bearer Debentures

However, preference shares can be classified as Cumulative and Non-cumulative preference shares.

a) Cumulative Preference Shares

When a preference shareholder has a right to recover any arrears of dividend, before any dividend is paid to the equity shareholders, then the type of Preference Shares held by the shareholder is known as Cumulative Preference Shares. All Preference Shares are cumulative unless otherwise expressly stated to be non cumulative.

b) Non-cumulative Preference Share

When a preference shareholder receives dividend only in case of profit and is not entitled any right to recover the arrears of dividend, then the type of Preference Shares held by the shareholder is known as Non Cumulative Preference Shares.