Restriction on Voting Rights-Overview
(1) Notwithstanding anything contained in this Act,
the articles of a company may provide that no member shall exercise any voting
right in respect of any shares registered in his name on which any calls or
other sums presently payable by him have not been paid, or in regard to which
the company has exercised any right of lien.
(2) A company shall not, except on the grounds
specified in sub-section (1), prohibit any member from exercising his voting
right on any other ground.
(3)
On a poll taken at a meeting of a company, a member entitled to more than one
vote, or his proxy, where allowed, or other person entitled to vote for him, as
the case may be, need not, if he votes, use all his votes or cast in the same
way all the votes he uses.
Voting by Show of Hands. (1) At any
general meeting, a resolution put to the vote of the meeting shall, unless a
poll is demanded under section 109 or the voting is carried out
electronically, be decided on a show of hands.
(2) A declaration by the Chairman of the meeting of
the passing of a resolution or otherwise by show of hands under sub-section (1)
and an entry to that effect in the books containing the minutes of the meeting
of the company shall be conclusive evidence of the fact of passing of such
resolution or otherwise.
Exceptions/ Modifications/ Adaptations
1. In case of
private company - Section 107 shall apply ,unless otherwise
specified in respective sections or the articles of the company provide
otherwise. - Notification dated 5th
june, 2015.
1.
In case
of Specified IFSC Public Company - Section 107 shall apply in case of a Specified IFSC
public company, unless otherwise specified in the articles of the
company. Notification Date 4th January, 2017.
VOTING THROUGH ELECTRONIC MODE
The
Central Government may
prescribe the class or classes of companies
and manner in which a member may exercise his right to vote by the electronic
means.
DISCLAIMER: THE
ARTICLE IS BASED ON THE RELEVANT PROVISIONS AND AS PER THE INFORMATION EXISTING
AT THE TIME OF THE PREPARATION. IN NO EVENT I SHALL BE LIABLE FOR ANY DIRECT
AND INDIRECT RESULT FROM THIS ARTICLE. THIS IS ONLY A KNOWLEDGE SHARING
INITIATIVE.
THE AUTHOR
– CS DEEPAK SETH (ASSOCIATE PARTNER HELPINGHANDS PROFESSIONALS LLP) AND
CAN BE REACHED AT CONTACTHHPRO@GMAIL.COM OR 9910248911.
0 Comments