Section 48 of the companies act, 2013

This query is : Open

varad (Querist)
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13 August 2014 Hi friends i have a query- As per the provision of Section 48 a particular class of shareholders can vary the rights with the consent of 3/4th members in writing or through Special Resolution passed in the meeting.

However as per Rule 4(3) of Equity shares with differential rights, the company shall not convert its existing equity share capital with voting rights into equity share capital carrying differential voting rights and vice versa.

My question is that doesnt the two statements contradict as section 48 says any right can be varied and rule 4(3) says that differential voting rights cant be varied