https://www.taxtmi.com/caselaws?id=99697 Section 155 of the Companies Act, 1956 was applied to examine whether impugned share transfers in subsidiary companies were entered without sufficient cause and whether rectification of the share registers was warranted. The court treated the rectification jurisdiction as wide enough to decide title-related questions where transfers were alleged to be fraudulent, illegal or void. It also addressed undervalue sales and held that transactions in the notified area were subject to section 13 of the Securities Contracts (Regulation) Act, 1956, with spot delivery protection unavailable on the facts. On that basis, the register entries were liable to correction, with the transferees confined to refund of consideration paid. en-us Wed, 06 Dec 1978 00:00:00 +0530 Sat, 28 Jan 2012 13:16:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99697 Section 155 of the Companies Act, 1956 was applied to examine whether impugned share transfers in subsidiary companies were entered without sufficient cause and whether rectification of the share registers was warranted. The court treated the rectification jurisdiction as wide enough to decide title-related questions where transfers were alleged to be fraudulent, illegal or void. It also addressed undervalue sales and held that transactions in the notified area were subject to section 13 of the Securities Contracts (Regulation) Act, 1956, with spot delivery protection unavailable on the facts. On that basis, the register entries were liable to correction, with the transferees confined to refund of consideration paid. Case-Laws Companies Law Wed, 06 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99697