law: Companies Act, 1956
  Sec 87    -     Voting
  
  rights 
  (1) Subject to the provisions of section 89
  
  and sub-section (2) of section 92 :
  (a) every member of a company limited by shares
  
  and holding any equity share capital therein shall have a right to vote, in
  
  respect of such capital, on every resolution placed before the company ; and
  (b) his voting right on a poll shall be in
  
  proportion to his share of the paid-up equity capital of the company.
  (2)
  (a) Subject as aforesaid and save as provided
  
  in clause (b) of this sub-section, every member of a company limited by shares
  
  and holding any preference share capital therein 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.
  Explanation. :  Any resolution for
  
  winding up the company or for the repayment or reduction of its share capital
  
  shall be deemed directly to affect the rights attached to preference shares
  
  within the meaning of this clause.
  (b) Subject as aforesaid, every member of a
  
  company limited by shares and holding any preference share capital therein
  
  shall, in respect of such capital, be entitled to vote on every resolution
  
  placed before the company at any meeting, if the dividend due on such capital
  
  or any part of such dividend has remained unpaid :
  (i) in the case of cumulative preference
  
  shares, in respect of an aggregate period of not less than two years preceding
  
  the date of commencement of the meeting ; and
  (ii) in the case of non-cumulative preference
  
  shares, either in respect of a period of not less than two years ending with
  
  the expiry of the financial year immediately preceding the commencement of the
  
  meeting or in respect of an aggregate period of not less than three years
  
  comprised in the six years ending with the expiry of the financial year
  
  aforesaid.
  Explanation. : For the purposes of
  
  this clause, dividend shall be deemed to be due on preference shares in respect
  
  of any period, whether a dividend has been declared by the company on such
  
  shares for such period or not,
  (a) on the last day specified for the payment
  
  of such dividend for such period, in the articles or other instrument executed
  
  by the company in that behalf ; or
  (b) in case no day is so specified, on the day
  
  immediately following such period.
  (c) where the holder of any preference share
  
  has a right to vote on any resolution in accordance with the provisions of this
  
  sub-section, his voting right on a poll, as the holder of such share, shall,
  
  subject to the provisions of section 89 and sub-section (2) of section 92, be
  
  in the same proportion as the capital paid up in respect of the preference
  
  share bears to the total paid-up equity capital of the company.