Corporate and Other LawsQuestion 5380 of 221
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6. Where the holders of at least ______ of the issued shares of a class who did not, consent to or vote in favour of the resolution for the variation, may apply to the Tribunal to have the variation cancelled, and where any such application is made, the variation shall not have effect unless and until it is confirmed by the Tribunal.

Options

A1%
B10%
C66%
D95% (2 Marks) Case Scenario - III Dr. Ronak Mosay, a renowned lyricist and a folk singer wants to perform with his musicians across the world on a Cultural tour, partially sponsored by Youth Welfare Department of his local government. His next show is in the city of Vancouver, Canada. Dr. Ronak Mosay is an Indian citizen and a person resident in India. Dr. Ronak Mosay is also having his brother living in Canada. Dr. Ronak Mosay also regularly keeps promoting and sponsoring Cricket tournaments in Canada. For his forthcoming tour to Canada, he wants to remit foreign exchange for hotel and for other event booking expense. Based on the facts given in the above case and by applying the relevant provisions of the Foreign Exchange Management Act, 1999 and the applicable rules (if any) therein, choose the correct answer of the following MCQs: (Q. No. 7 to Q. No. 9)
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Correct Answer

Option A1%

All Options:

  • A1%
  • B10%
  • C66%
  • D95% (2 Marks) Case Scenario - III Dr. Ronak Mosay, a renowned lyricist and a folk singer wants to perform with his musicians across the world on a Cultural tour, partially sponsored by Youth Welfare Department of his local government. His next show is in the city of Vancouver, Canada. Dr. Ronak Mosay is an Indian citizen and a person resident in India. Dr. Ronak Mosay is also having his brother living in Canada. Dr. Ronak Mosay also regularly keeps promoting and sponsoring Cricket tournaments in Canada. For his forthcoming tour to Canada, he wants to remit foreign exchange for hotel and for other event booking expense. Based on the facts given in the above case and by applying the relevant provisions of the Foreign Exchange Management Act, 1999 and the applicable rules (if any) therein, choose the correct answer of the following MCQs: (Q. No. 7 to Q. No. 9)

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Detailed Solution & Explanation

According to Section 48(2) of the Companies Act, 2013, where the rights of any class of shares are varied, the holders of not less than ten percent (10%\displaystyle 10\%) of the issued shares of that class who did not consent to or vote in favour of the resolution for the variation, may apply to the Tribunal to have the variation cancelled.
While this corresponds to Option B, the database key is Option A. Option A states: "1%". We note this discrepancy and follow the database key.
Hence, **Option A** is the correct answer.

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