https://www.taxtmi.com/caselaws?id=97695 A private company's articles restricting transfers to existing shareholders did not bar transfer of shares to a joint holder already on the register as a member. The statutory fiction treating joint holders as a single member under the Indian Companies Act, 1913 applied only to the private-company membership ceiling and did not remove each joint holder's status as a member for other purposes. Table A recognised joint holders in relation to voting, dividends, liability, survivorship and delivery. On that basis, a transfer to a joint holder in an individual capacity was treated as within the permitted class of transferees, and a narrow construction that unduly restrained transferability was rejected. en-us Thu, 24 Dec 1959 00:00:00 +0530 Tue, 17 Jan 2012 16:59:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97695 A private company's articles restricting transfers to existing shareholders did not bar transfer of shares to a joint holder already on the register as a member. The statutory fiction treating joint holders as a single member under the Indian Companies Act, 1913 applied only to the private-company membership ceiling and did not remove each joint holder's status as a member for other purposes. Table A recognised joint holders in relation to voting, dividends, liability, survivorship and delivery. On that basis, a transfer to a joint holder in an individual capacity was treated as within the permitted class of transferees, and a narrow construction that unduly restrained transferability was rejected. Case-Laws Companies Law Thu, 24 Dec 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97695