Voting Rights of a Member :

Section 47 governs the voting rights of members. According to the section,

(i) Voting right of member holding equity share capital: Every member of a company limited by shares who is holding equity share capital, shall have a right to vote on every resolution placed before the company; and his voting right on a poll shall be in proportion to his share in the paid-up equity share capital of the company.

(ii) Voting right of member holding preference share capital: Every member of a company limited by shares who is holding any preference share capital shall, in respect of such capital, have a right to vote only on resolutions placed before the company which directly affect the rights attached to his preference shares and, any resolution for the winding up of the company or for the repayment or reduction of its equity or preference share capital and his voting right on a poll shall be in proportion to his share in the paid-up preference share capital of the company.

(iii) Proportion of voting rights: The proportion of the voting rights of equity shareholders to the voting rights of the preference shareholders shall be in the same proportion as the paid-up capital in respect of the equity shares bears to the paid-up capital in respect of the preference shares.

Where the dividend in respect of a class of preference shares has not been paid for a period of two years or more, there such class of preference shareholders shall have a right to vote on all the resolutions placed before the company.