Waiving off of premium on redemption of preference shares by the share holder

Dear Sir, Very good evening. Can you please guide me on the following queries. Question - 1: Can the Company A waive off the premium on redemption of preference shares invested in the Company B ? Company A is holding company at the time of the investment made in the year May 2014. Since last 2 years, Company A is not the holding company of Company B. Company B is a loss making entity and it has no sufficient funds for the redemption of the preference shares. It wants to extend the period of redemption for further 5 years by issuing fresh preferential shares without the premium earlier agreed. Is this possible to do so if the Company A is Ok to waive off the premium receivable on redemption. Question - 2: Some portion of the preferential shares are due to be redeemed in the FY 2019-20 and the Company B has failed to do redeem or failed to reissue during the FY 2019-20. what are consequences for failing to redeem the preference shares ? Thanks and regards, Siva Kumar Hyderabad