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of <h1>Section 235: Rights of dissenting shareholders when 90% accept share acquisition offer in company takeovers</h1> Section 235 empowers a transferee company, whose offer to acquire shares of a transferor company has been approved by at least 90% in value of affected shareholders within four months, to compulsorily acquire the shares of dissenting shareholders on the same terms as approving shareholders. Dissenting shareholders may apply to the Tribunal within one month to oppose such acquisition. If no contrary order is made, the transferee must pay the consideration to the transferor company, which registers the transferee as shareholder and holds the consideration in a separate trust account, disbursing it to entitled shareholders within prescribed timelines. The provision also adapts its operation to pre-Act offers.
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