https://www.taxtmi.com/caselaws?id=96951 A court auction purchaser of shares was treated as taking title through compulsory judicial process, not by a voluntary transfer. On that basis, articles giving directors discretion to refuse transfers were construed as inapplicable to a sale by operation of law. The board's earlier acceptance of the transfer, followed by later refusal to register it, could not displace the completed court sale or undo the acceptance. The company was therefore bound to rectify the register and enter the purchaser as holder of the shares. en-us Tue, 25 Feb 1947 00:00:00 +0530 Fri, 13 Jan 2012 13:25:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96951 A court auction purchaser of shares was treated as taking title through compulsory judicial process, not by a voluntary transfer. On that basis, articles giving directors discretion to refuse transfers were construed as inapplicable to a sale by operation of law. The board's earlier acceptance of the transfer, followed by later refusal to register it, could not displace the completed court sale or undo the acceptance. The company was therefore bound to rectify the register and enter the purchaser as holder of the shares. Case-Laws Companies Law Tue, 25 Feb 1947 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96951