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Variation of shareholder rights (e.g. converting cumulative preference to non-cumulative) is governed by which section?
ASec 66
BSec 61
CSec 48 of Companies Act 2013
DSec 100
Answer & Solution
Correct answer: C. Sec 48 of Companies Act 2013
1. Step 1: Per Ch 14, Sec 48 governs variation of shareholders' rights.
2. Step 2: Sec 61 covers alteration of capital quantum; Sec 66 covers reduction.
3. Step 3: Hence (A).
_Source: ICAI BoS CA Inter Paper 1, Ch 14 "Internal Reconstruction"_