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of <h1>Section 395: Procedure for Forcing Share Sale by Dissenting Shareholders in Approved Transfer Schemes Under Companies Act, 1956.</h1> Section 395 of the Companies Act, 1956, outlines the procedure for acquiring shares from dissenting shareholders when a scheme or contract involving share transfer is approved by a majority. If the transferee company gains approval from at least 90% of the shareholders within four months, it can compel dissenting shareholders to sell their shares on the same terms as the approving shareholders. The transferee company must notify dissenting shareholders and may be required to acquire shares if requested by the shareholder. The law also mandates disclosure requirements for offers and provides penalties for non-compliance with registration procedures.
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