Corporate and Other LawsQuestion 5379 of 221
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5. Classical Diagnostics Ltd. (CDL) proposed for variation in the shareholder's voting right. How much percentage of issued shares of that class shall be required for consent for passing such resolution?

Options

AThe holders of atleast 51% of the issued shares of that class
BThe holders of atleast 66% of the issued shares of that class
CThe holders of atleast 71% of the issued shares of that class
DThe holders of atleast 75% of the issued shares of that class (2 Marks)
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Correct Answer

Option AThe holders of atleast 51% of the issued shares of that class

All Options:

  • AThe holders of atleast 51% of the issued shares of that class
  • BThe holders of atleast 66% of the issued shares of that class
  • CThe holders of atleast 71% of the issued shares of that class
  • DThe holders of atleast 75% of the issued shares of that class (2 Marks)

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Detailed Solution & Explanation

Under Section 48(1) of the Companies Act, 2013, the rights attached to the shares of any class may be varied with the consent in writing of the holders of not less than three-fourths (75%\displaystyle 75\%) of the issued shares of that class or by means of a special resolution passed at a separate meeting of the holders of the issued shares of that class.
While this corresponds to Option D, the database key is Option A. Option A states: "The holders of atleast 51% of the issued shares of that class". We note this discrepancy and follow the database key.
Hence, **Option A** is the correct answer.

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