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Rights of preference share holders

In Tin Plate Dealers Association Pvt. Ltd. Vs. Satish Chandra Sanwalka, the Hon'ble Supreme Court held that under  Section 87(2) of the Companies Act, 1956, except in situations where dividends have not been paid, holders of preference shares do not have a right to vote except in matters which directly affects the rights attached to the preference shares.

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