https://www.taxtmi.com/acts?id=12379 Existing companies must reduce any share voting rights that exceed the voting entitlement of equally paid equity shares to parity within one year; until conformity holders cannot exercise excess votes on specified resolutions such as director appointments or variations to managing directors' agreements. If class consent is unobtainable, the company must seek a Court order within one month after the year to prescribe compliant measures, and failure to comply attracts a statutory penalty. The Central Government may exempt pre-1949 share issues wholly or partly in defined public or company or creditor interests, subject to parliamentary laying. en-us Sat, 07 May 2011 16:17:03 +0530 Sat, 07 May 2011 16:17:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12379 Existing companies must reduce any share voting rights that exceed the voting entitlement of equally paid equity shares to parity within one year; until conformity holders cannot exercise excess votes on specified resolutions such as director appointments or variations to managing directors' agreements. If class consent is unobtainable, the company must seek a Court order within one month after the year to prescribe compliant measures, and failure to comply attracts a statutory penalty. The Central Government may exempt pre-1949 share issues wholly or partly in defined public or company or creditor interests, subject to parliamentary laying. Act-Rules Companies Law Sat, 07 May 2011 16:17:03 +0530 https://www.taxtmi.com/acts?id=12379