Equity shares can be ordinary shares or have differential voting rights, which give its holders different rights to vote, receive dividends, etc., compared to the rights of ordinary shareholders.

Amendments to the Companies Act have allowed companies to issue shares with different voting and dividend rights, in contrast to the earlier restriction on issuing shares that allow its holder only one vote for every share held or proportionate to their share in the paid up capital of the company.

The Articles of Association of the company must contain the clause that allows the company to issue shares with DVR.