https://www.taxtmi.com/caselaws?id=99376 Section 108 of the Companies Act, 1956 is mandatory because its prohibitory wording requires strict compliance before a company can register a share transfer; absence of an express penalty does not make the provision directory. A transfer made without a duly stamped and executed instrument is therefore invalid. Shares under attachment, or shares held by a receiver with blank transfer forms, cannot be validly transferred or registered in breach of a prohibitory order, since such registration would defeat the attachment and have no legal effect. en-us Thu, 25 Nov 1976 00:00:00 +0530 Sat, 20 Jun 2015 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99376 Section 108 of the Companies Act, 1956 is mandatory because its prohibitory wording requires strict compliance before a company can register a share transfer; absence of an express penalty does not make the provision directory. A transfer made without a duly stamped and executed instrument is therefore invalid. Shares under attachment, or shares held by a receiver with blank transfer forms, cannot be validly transferred or registered in breach of a prohibitory order, since such registration would defeat the attachment and have no legal effect. Case-Laws Companies Law Thu, 25 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99376