indiabusinessview (https://indiabusinessview.com/tag/differential_voting_rights/)
Jain Irrigation Systems reported good growth and stable margins in the quarter ended December 2010.
Its sales rose by 15% to Rs 736 crore, over the September quarter or on a sequential basis. Its net profit too rose by 15% to 71 crore. Compared to the same period a year ago, its net profit rose by 25%.
Sebi has introduced a new rule that will effectively kill the desire of companies to issue shares with differential voting rights. The capital market regulator has made a small amendment to the listing agreement that has a wider impact. It has said that a company shall not issue shares that have either superior voting rights or higher dividend entitlements, compared to the ordinary shares listed on the exchange. The rule is effective from July 21, 2009.