https://www.taxtmi.com/caselaws?id=97653 Article 9 of the articles of association restricts share transfers without directors' consent and requires shares to be offered first to existing shareholders. "Transfer" is treated as encompassing the wider sale process, including an agreement to sell and receipt of consideration, rather than only registration of a transfer deed. Entering into a sale contract, receiving the purchase price and granting proxies may demonstrate a continuing desire to transfer shares. A proposed transfer to a specified outside purchaser does not displace the pre-emption procedure; the shareholder must notify the company secretary so that other shareholders can exercise their opportunity to purchase. en-us Thu, 18 Jun 1959 00:00:00 +0530 Tue, 17 Jan 2012 15:54:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97653 Article 9 of the articles of association restricts share transfers without directors' consent and requires shares to be offered first to existing shareholders. "Transfer" is treated as encompassing the wider sale process, including an agreement to sell and receipt of consideration, rather than only registration of a transfer deed. Entering into a sale contract, receiving the purchase price and granting proxies may demonstrate a continuing desire to transfer shares. A proposed transfer to a specified outside purchaser does not displace the pre-emption procedure; the shareholder must notify the company secretary so that other shareholders can exercise their opportunity to purchase. Case-Laws Companies Law Thu, 18 Jun 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97653