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of <h1>Shareholders can challenge rights variation under Rule 68A of NCLT Rules 2016 and Section 48(2) of Companies Law.</h1> Under Rule 68A of the National Company Law Tribunal Rules, 2016, shareholders of a class can apply to cancel a variation of rights attached to their shares under section 48(2) of the Companies Law. The application must include a letter of authority from the shareholders, details of the company's capital structure, and specifics of the variation. The application must be advertised 14 days before filing, and objections must be served to relevant authorities. The Tribunal will decide on the application based on whether the variation unfairly prejudices shareholders, with discretion on cost orders.
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