Section 395 - Power and duty to acquire shares of shareholders dissenting from scheme or contract approved by majority.

Share acquisition rights empower transferee companies to acquire dissenting shareholders' shares on scheme terms or Tribunal-determined terms.

When a share transfer scheme is approved as required, the transferee company may notify dissenting shareholders and, unless the Tribunal orders otherwise on timely application, is obliged to acquire their shares on the terms of the approved scheme; where the transferee already holds a dominant share proportion special provisos and wider offer requirements apply. The transferee must give prescribed notices when it reaches the requisite holding, accept calls to acquire remaining shares on scheme or Tribunal-determined terms, transmit transfer documentation and pay consideration to the transferor, which must register the transferee and hold proceeds in trust.