https://www.taxtmi.com/caselaws?id=99520 Directors may refuse registration of a share transfer only on grounds authorised by the company's articles where their discretion is limited. The transferee may seek rectification of the register under the Companies Act despite an alternative appeal remedy. Alleged cornering of shares, purported banking-policy concerns and restrictions on voting rights under the Banking Regulation Act do not, without authorisation in the articles, justify refusing transfer registration. A regulatory circular cannot enlarge directors' powers beyond the articles. Refusal based on extraneous or non-personal grounds is ultra vires, invalid and warrants rectification of the register in favour of transferees. en-us Fri, 19 Aug 1977 00:00:00 +0530 Fri, 27 Jan 2012 16:27:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99520 Directors may refuse registration of a share transfer only on grounds authorised by the company's articles where their discretion is limited. The transferee may seek rectification of the register under the Companies Act despite an alternative appeal remedy. Alleged cornering of shares, purported banking-policy concerns and restrictions on voting rights under the Banking Regulation Act do not, without authorisation in the articles, justify refusing transfer registration. A regulatory circular cannot enlarge directors' powers beyond the articles. Refusal based on extraneous or non-personal grounds is ultra vires, invalid and warrants rectification of the register in favour of transferees. Case-Laws Companies Law Fri, 19 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99520