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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 108B: Notify Government Before Transferring 10%+ Equity Shares; Possible Block for Public Interest Concerns.</h1> Section 108B of the Companies Act, 1956, mandates that any corporate body or related entities holding 10% or more of a company's equity share capital must notify the Central Government before transferring shares. This notification must include details of the proposed transfer and the transferee. The Central Government can block the transfer if it might adversely affect the company's board composition or public interest. If the shares belong to a company in a specified industry, they may be transferred to the government or a government-controlled corporation, with compensation at market value. The government must act within 60 days, or the transfer proceeds without restriction.
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