Restriction on voting rights of members

Yep! As per section 181, private company can put it's own restriction on voting rights in it's Articles and thereby restrict. Just for general reference all the section from 171-186 in Companies Act, Private Companies can set their own provisions in the articles.

 SECTION 181. RESTRICTION ON EXERCISE OF VOTING RIGHT OF MEMBERS WHO HAVE NOT PAID CALLS, ETC.

Notwithstanding anything contained in this Act, the articles of a company may provide that no member shall exercise any voting right in respect of any shares registered in his name on which any calls or other sums presently payable by him have not been paid, or in regard to

Section 181

Restriction on exercise of voting right of members who have not paid calls, etc.—

Notwithstanding anything contained in this Act, the articles of a company may provide that no member shall exercise any voting right in respect of any shares registered in his name on which any calls or other sums presently payable by him have not been paid, or in regard to which the company has and has exercised any right of lien.