The rights, duties and liabilities of all shareholders are clearly defined at the time of issue of the shares, once the rights of shareholders are fixed, they cannot be changed unless the provisions of the Companies Act for this purpose are complied with. The rights attached to the shares of any class can be varied only with the approval in writing of shareholders holding not less than 75 % of the issued shares of that class or with the sanction of special resolution passed at a separate meeting of the holders of issued shares of that class.
However, the following conditions also must be complied with :
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