https://www.taxtmi.com/caselaws?id=96637 Under the company's articles, a lien existed only on partly paid shares, and the clause allowing refusal to register a transfer did not create an independent right to defeat a transferee's claim by set-off. A transferee under an equitable mortgage was not recognised as owner until registration, but the company could not rely on the transferor's indebtedness to refuse registration of fully paid shares where no lien attached to that class. The court distinguished authorities based on different articles or the existence of a lien. The transferee was therefore entitled to registration and recognition of its claim, and the company's attempted set-off failed. en-us Fri, 02 Feb 1934 00:00:00 +0530 Tue, 10 Jan 2012 10:21:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96637 Under the company's articles, a lien existed only on partly paid shares, and the clause allowing refusal to register a transfer did not create an independent right to defeat a transferee's claim by set-off. A transferee under an equitable mortgage was not recognised as owner until registration, but the company could not rely on the transferor's indebtedness to refuse registration of fully paid shares where no lien attached to that class. The court distinguished authorities based on different articles or the existence of a lien. The transferee was therefore entitled to registration and recognition of its claim, and the company's attempted set-off failed. Case-Laws Companies Law Fri, 02 Feb 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96637