https://www.taxtmi.com/caselaws?id=100259 The court declared the special resolution passed by the company, converting preference shares into equity shares, as illegal and not binding. The company failed to obtain the necessary consent from the holders of redeemable cumulative preference shares as required by section 106 of the Companies Act and article 80 of its articles of association. The court emphasized the importance of complying with statutory provisions and the company's articles of association when altering shareholders' rights, highlighting the need for obtaining requisite majorities to validate such resolutions. en-us Tue, 23 Nov 1982 00:00:00 +0530 Tue, 31 Jan 2012 17:24:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100259 The court declared the special resolution passed by the company, converting preference shares into equity shares, as illegal and not binding. The company failed to obtain the necessary consent from the holders of redeemable cumulative preference shares as required by section 106 of the Companies Act and article 80 of its articles of association. The court emphasized the importance of complying with statutory provisions and the company's articles of association when altering shareholders' rights, highlighting the need for obtaining requisite majorities to validate such resolutions. Case-Laws Companies Law Tue, 23 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100259