under the Indian Compnaies Act, 1956 there are two kinds of shares; equity and preference. The key distinction that lies in a preference share over an equity share is the right of dividend before its given on equity shares and a preference during the winding up of the company. These are strictly adherent to public companies and not to pure private companies. The Indian companies act specifically bars ireedemable preference shares being alloted, meaning that now all preference shares issued shall be redeemeable at the call of the share holder or at a contingent period as specififed by the company.
It is unlikely that you will get preference shares as the company generally issues these to qualified investors who make capital investments substantial enough to change the paid up capital of the company. It is ultimately the call of the company to do so, but generally companies issue equity shares when applied for
