Compulsory acquisition of minority shares: transferee may acquire dissenting shares unless a court orders otherwise after an approved offer.

Notice under section 395 of the Companies Act, 1956 whereby a transferee company, after its offer for specified shares in a transferor company has been approved by the requisite shareholders, notifies named dissenting shareholder(s) of its intention to acquire their shares and advises that unless the shareholder applies to the court within one month and obtains an order to the contrary, the transferor company will be entitled and bound to acquire those shares on the terms of the approved offer.

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