Transferee company may acquire shares from dissenting shareholders on the same terms as approving shareholders after scheme approval. Where holders of not less than nine-tenths in value of the affected shares approve a transfer scheme, the transferee company may notify dissenting shareholders that it desires to acquire their shares; unless the dissenting shareholder obtains a contrary Tribunal order, the transferee company must acquire those shares on the same terms as approving shareholders, effect transfer formalities, pay consideration to the transferor company, and the transferor must hold received sums in a separate trust account and disburse them to entitled shareholders within the prescribed period.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transferee company may acquire shares from dissenting shareholders on the same terms as approving shareholders after scheme approval.
Where holders of not less than nine-tenths in value of the affected shares approve a transfer scheme, the transferee company may notify dissenting shareholders that it desires to acquire their shares; unless the dissenting shareholder obtains a contrary Tribunal order, the transferee company must acquire those shares on the same terms as approving shareholders, effect transfer formalities, pay consideration to the transferor company, and the transferor must hold received sums in a separate trust account and disburse them to entitled shareholders within the prescribed period.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.