Vide a press release No. 16/2019 dated June 27th 2019 (“Press Release“) the Securities and Exchange Board of India (“SEBI“) has on its board meeting held on 27th June 2019 permitted the listing of companies with superior voting rights (“SRs”).
The objective of the SRs is to vest certain shareholders (usually the promoters of the concerned company) with superior rights as to voting so as to enable them to retain control of the concerned company. Under the previous SEBI regulations all shares with SRs would convert into normal shares upon listing of the shares.
Mini Raman talks about the Listing of shares with superior voting rights in India in her article which can be viewed at http://www.mondaq.com/article.