law: Companies Act, 1956
  Sec 89    -    
  
  Termination of disproportionately excessive voting rights in existing
  
  companies. 
  If at the commencement of this Act any shares,
  
  by whatever name called, of any existing company limited by shares carry voting
  
  rights in excess of the voting rights attaching under sub-section (1) of
  
  section 87 to equity shares in respect of which the same amount of capital has
  
  been paid-up, the company shall, within a period of one year from the
  
  commencement of this Act, reduce the voting rights in respect of the share
  
  first-mentioned so as to bring them into conformity with the voting rights
  
  attached to such equity shares under sub-section (1) of section 87.
  (2) Before the voting rights are brought into
  
  such conformity, the holders of the shares in question shall not exercise in
  
  respect thereof voting rights in excess of what would have been exercisable by
  
  them if the capital paid-up on their shares had been equity share capital, in
  
  respect of the following resolutions placed before the company, namely :- 
  (a) any resolution relating to the appointment
  
  or re-appointment of a director, or to any variation in the terms of an
  
  agreement between the company and a managing or whole-time director thereof ;
  (b) any resolution relating to the appointment
  
  of buying or selling agents ;
  (3) If, by reason of the failure of the
  
  requisite proportion of any class of members to agree, it is not found possible
  
  to comply with the provisions of sub-section (1), the company shall, within one
  
  month of the expiry of the period of one year mentioned in that sub-section,
  
  apply to the Court for an order specifying the manner in which the provisions
  
  of that sub-section shall be complied with ; and any order made by the Court in
  
  this behalf shall bind the company and all its shareholders. If default is made
  
  in complying with this sub-section, the company, and every officer of the
  
  company who is in default, shall be punishable with fine which may extend to ten
  
  thousand rupees.
  (4) The Central Government may, in respect of
  
  any shares issued by a company before the 1st day of December, 1949, exempt the
  
  company from the requirements of sub-sections (1), (2) and (3), wholly or in
  
  part, if in the opinion of the Central Government the exemption is required
  
  either in the public interest or in the interest of the company or of any class
  
  of shareholders therein or of the creditors or any class of creditors thereof.
  
  Every order of exemption made by the Central Government under this sub-section
  
  shall be laid before both Houses of Parliament as soon as may be after it is
  
  made.