Section 235 - Power to acquire shares of shareholders dissenting from scheme or contract approved by majority

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.