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HC held that the amended Article 37 remains lawful and enforceable inter se shareholders. Transfers of shares in contravention of the Articles to outsiders are void, but there was no evidence substantiating cancellation of the appellants' shareholdings or their consequent removal as directors; those directions were unsustainable. The impugned order of 5 June 2009 was modified: the transfers to appellant nos.1,2,4 and 5 are declared valid and their appointments as directors are affirmed. Following the deaths of certain original shareholders, shares may be transmitted only to legal heirs; such heirs are granted liberty to apply to the company under Article 41 to effect transmission. Questions of law were answered in the company's best interests and the application is disposed.
HC held that the amended Article 37 remains lawful and enforceable inter se shareholders. Transfers of shares in contravention of the Articles to outsiders are void, but there was no evidence substantiating cancellation of the appellants' shareholdings or their consequent removal as directors; those directions were unsustainable. The impugned order of 5 June 2009 was modified: the transfers to appellant nos.1,2,4 and 5 are declared valid and their appointments as directors are affirmed. Following the deaths of certain original shareholders, shares may be transmitted only to legal heirs; such heirs are granted liberty to apply to the company under Article 41 to effect transmission. Questions of law were answered in the company's best interests and the application is disposed.
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