https://www.taxtmi.com/caselaws?id=98961 The court concluded that the appellant's refusal to register the transfer of shares was unlawful as it did not align with the conditions stipulated in the Articles of Association. The court held that the company cannot refuse registration unless empowered by its articles, and the addition of "or otherwise" in Section 111(2) did not grant a new power to refuse registration. The court rejected allegations of the respondent being an undesirable person, emphasizing the right of a purchaser to have shares registered unless the directors' discretion is exercised bona fide. The appeal was dismissed, affirming the trial court's order for rectification of the share register. en-us Fri, 28 Jan 1972 00:00:00 +0530 Tue, 24 Jan 2012 16:57:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98961 The court concluded that the appellant's refusal to register the transfer of shares was unlawful as it did not align with the conditions stipulated in the Articles of Association. The court held that the company cannot refuse registration unless empowered by its articles, and the addition of "or otherwise" in Section 111(2) did not grant a new power to refuse registration. The court rejected allegations of the respondent being an undesirable person, emphasizing the right of a purchaser to have shares registered unless the directors' discretion is exercised bona fide. The appeal was dismissed, affirming the trial court's order for rectification of the share register. Case-Laws Companies Law Fri, 28 Jan 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98961