Question
Shareholders of a company intend to appoint new
directors and amend the Articles of Association, which would require a 75% majority vote. Under which section of the Companies Act, 2013 is such a "Special Resolution" defined and prescribed?Solution
Section 110 of the Companies Act, 2013 deals with "Special Resolution". The section provides that a resolution shall be deemed to be a special resolution when it is passed by a majority of not less than three-fourths of the members entitled to vote on the resolution. The section specifies that special resolutions are required for significant matters such as alteration of the Memorandum of Association, change of name, alterations to Articles of Association, reduction of share capital, and appointment/removal of directors. Section 111 addresses ordinary resolution, Section 112 addresses voting by poll, Section 113 addresses voting by proxy, and Section 114 addresses electronic voting, but Section 110 specifically defines special resolution.
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