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of <h1>Section 58: Rules on refusing share transfers, appeal rights, rectification orders, and penalties for non-compliance</h1> Section 58 regulates refusal of registration of transfer or transmission of securities and related appeals. A private company that refuses registration must, within thirty days of receiving the transfer instrument or transmission intimation, notify the transferor, transferee, or notifier with reasons. Securities of members in a public company are freely transferable, while private transfer contracts remain contractually enforceable. Transferees may appeal to the Tribunal within specified time limits if refusal occurs or no notice is given. For unjustified refusal by a public company, extended appeal periods apply. The Tribunal may order registration, rectification, and damages. Wilful contravention of the Tribunal's order attracts imprisonment and a monetary fine.
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