https://www.taxtmi.com/caselaws?id=97900 Directors irregularly cancelled a registered transferee's entry for 133 shares without notice or required formalities; the transferee had paid value and lacked notice of any informality, entitling him to protection under the indoor management rule. The cancellation was therefore illegal and the transferee's registration and rights were reinstated. Separately, the transferor ceased to be a member on registration and was not a necessary party to a suit for rectification and reinstatement; omission to implead the transferor did not bar the claim. An irregular act within corporate power cannot be annulled against an equitable transferee for value absent proper procedure and notice. en-us Mon, 11 Dec 1961 00:00:00 +0530 Wed, 18 Jan 2012 15:18:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97900 Directors irregularly cancelled a registered transferee's entry for 133 shares without notice or required formalities; the transferee had paid value and lacked notice of any informality, entitling him to protection under the indoor management rule. The cancellation was therefore illegal and the transferee's registration and rights were reinstated. Separately, the transferor ceased to be a member on registration and was not a necessary party to a suit for rectification and reinstatement; omission to implead the transferor did not bar the claim. An irregular act within corporate power cannot be annulled against an equitable transferee for value absent proper procedure and notice. Case-Laws Companies Law Mon, 11 Dec 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97900