What percentage of shareholders can apply to the court to have a variation cancelled?

In corporate law, the ability for shareholders to apply to the court to have a variation of certain decisions cancelled typically depends on the proportion of the voting or ownership rights they hold. The figure of 16% is significant because it represents a threshold that often reflects a minority interest in decision-making processes within corporations.

This percentage aligns with the legal standards found in company legislation, which often provides minority shareholders a mechanism to represent their interests. In some jurisdictions, a shareholder or a group of shareholders holding a certain percentage can challenge decisions made at company meetings, especially those that affect their rights or the overall governance of the company. In this context, 16% represents an adequate margin that acknowledges some level of dissent among the shareholders, allowing them to seek judicial intervention without needing an overwhelming majority of shareholders to agree.

The other percentages listed (30%, 50%, and 10%) do not align with common legal thresholds established in corporate law for this type of action. As such, they would not be applicable as the correct answer for this situation. Understanding these percentages and how they function within corporate governance helps clarify the dynamics of shareholder rights and the mechanisms available to them for ensuring their interests are recognized and protected.