The company registered in Pakistan that is interested in variation of the shareholders right has to follow the directions as provided in the section 28 of the companies’ ordinance, 1984.
The requirements are mentioned as under:
The alteration or variation of the shareholder can be made subject to the provisions of the companies’ ordinance, 1984.
The provision with regard to the variation of the shareholder rights is normally mentioned in the memorandum of association of the company and is only done subject to through variations.
Special resolution is required to be passed in the general meeting of the company in order to vary the rights of the shareholders right.
The last and most important condition for variation of the shareholder rights is that the resolution placed before the general meeting of the company must be passed by a majority of three fourth of the members or class of members affected by such alteration.
In case any aforesaid resolution is passed by the general meeting of the company 10% of the members or class of members affected by such alteration has the power to apply to the court within 30 days of getting the resolution passed.
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