https://www.taxtmi.com/caselaws?id=69288 Free transferability of shares determines whether a company qualifies as one in which the public are substantially interested under section 2(18)(b)(B)(ii). The Articles of Association contained no material restriction preventing transfers to the public; provisions concerning transfers involving minors or persons of unsound mind did not impair general transferability. The collaboration agreement between shareholder companies also imposed no transfer restriction and could not override the Articles. A power to decline registration of transfers when exercised in the company's interest did not by itself negate free transferability. The shares therefore satisfied the statutory transferability condition, supporting public-interest company status. en-us Sat, 05 May 1979 00:00:00 +0530 Wed, 06 Apr 2011 11:09:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69288 Free transferability of shares determines whether a company qualifies as one in which the public are substantially interested under section 2(18)(b)(B)(ii). The Articles of Association contained no material restriction preventing transfers to the public; provisions concerning transfers involving minors or persons of unsound mind did not impair general transferability. The collaboration agreement between shareholder companies also imposed no transfer restriction and could not override the Articles. A power to decline registration of transfers when exercised in the company's interest did not by itself negate free transferability. The shares therefore satisfied the statutory transferability condition, supporting public-interest company status. Case-Laws Income Tax Sat, 05 May 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69288