Offers of share-transfer schemes require registered circulars detailing prescribed disclosures and cash-availability; refusal is appealable and breach penalised. Section 238 requires that every circular offering a scheme to transfer shares include prescribed information and a transferee statement on steps to ensure necessary cash, be presented to and registered by the Registrar before issue, and be subject to Registrar refusal with written reasons within thirty days and appeal to the Tribunal; a director issuing an unregistered circular is liable to a penalty of one lakh rupees.
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.
Offers of share-transfer schemes require registered circulars detailing prescribed disclosures and cash-availability; refusal is appealable and breach penalised.
Section 238 requires that every circular offering a scheme to transfer shares include prescribed information and a transferee statement on steps to ensure necessary cash, be presented to and registered by the Registrar before issue, and be subject to Registrar refusal with written reasons within thirty days and appeal to the Tribunal; a director issuing an unregistered circular is liable to a penalty of one lakh rupees.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
