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of <h1>Section 106 of the Companies Act, 1956: Alteration of Special Shareholder Rights Requires 75% Consent or Special Resolution.</h1> Section 106 of the Companies Act, 1956, addresses the alteration of rights for holders of special classes of shares. It allows for the variation of rights attached to any class of shares if at least three-fourths of the holders of the issued shares of that class consent in writing, or if a special resolution is passed at a separate meeting of those shareholders. This variation can occur if it is provided for in the company's memorandum or articles, or if not prohibited by the terms of the share issue. This section was amended by the Companies (Amendment) Act, 1960.
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