# Section 48 — Variation in Shareholders' Rights
## Conditions for Variation
Rights of any class of shareholders may be varied with:
1. Consent in writing of holders of 3/4th of issued shares of that class, OR
2. Special Resolution (SR) passed at a separate meeting of that class.
### Pre-condition
Provision for variation must be given in the AOA / MOA, OR — in the absence of such provision — variation must not be prohibited by the terms of issue.
## Cross-class Impact
If variation of one class affects the rights of another class, consent of 3/4th of such other class is also required (consent in writing OR SR).
## Resistance (Right to Object)
- Shareholders holding at least 10% of the issued shares of that class who did NOT consent to the variation may apply to the Tribunal.
- Time limit: within 21 days of the consent / SR.
- Tribunal can cancel the variation.
- On such application, the variation shall not have effect until confirmed by the Tribunal.
## Tribunal Order
- Binding on the shareholders and the company.
- Final — no appeal.
- A copy of the order must be filed with the ROC within 30 days.