Explanation:

Variation of Shareholders' Rights.
• 48. (1) Where a share capital of the company is
divided into different classes of shares, the rights
attached to the shares of any class may be varied
with the consent in writing of the holders of not less
than three-fourths of the issued shares of that class
or by means of a special resolution passed at a
separate meeting of the holders of the issued shares
of that class
• (2) Where the holders of not less than ten per cent of
the issued shares of a class did not consent to such
variation or vote in favour of the special resolution for
the variation, they may apply to the Tribunal to have
the variation cancelled, and where any such
application is made, the variation shall not have
effect unless and until it is confirmed by the Tribunal: