How the voting right is calculated in the company?Is there is any specific % of holding we required to get alter article of the company?
meenu
7 Replies
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 16 September 2009
To alter article you have to pass special resolution u/s 31.
As per section 189(2) when votes casts in favour of the resolution are 3 times higher then the votes caste against the resolution, resolution considered as duly passed as SR.
To alter article one member hold 1 vote only. You mau hold 90% share capital but only 1 vote count.
Best Regards
meenu
(cs)
(416 Points)
Replied 17 September 2009
Dear Sir,
The Co. had an agreement with pvt co. and holds pref. sharesAlthough it was specified in the agreement that the provisions of the agreement must be inserted in the articles. but it was not inserted. Now what recourse of action we take?
1.whether we go for alteration in the articles or not?
2. whether we as apref. shareholders can go for such amendment.?
best regards,
meenu
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 17 September 2009
Articles should be amended according to the Agreement to avoid future litigations.
meenu
(cs)
(416 Points)
Replied 17 September 2009
How the Company can go for amending the article of the company in which investment is made. Plain request or any other legal action can be taken?
Kindly guide what all points be considered for amndment in articles?
1. Redemption clause
meenu
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 17 September 2009
Now i understand you are from the investor's side.
First you should talk to the management of investee company. Otherwise you should opt for legal remedy.
meenu
(cs)
(416 Points)
Replied 17 September 2009
yes Sir, we are the investors.
On what basis we should talk to the management of investee company.
Rather, what legal sction we can take in this matter?
One of our director is also director in that company.
Meenu
meenu
(cs)
(416 Points)
Replied 18 September 2009
Garg Sir,
Your experts views are solicited.
Regards,
Meenu
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