https://www.taxtmi.com/caselaws?id=99702 Where articles of association allow directors to refuse registration of a share transfer only if they do not approve of the purchaser, that discretion must be exercised bona fide, in the interests of the company, and on grounds personal to the proposed transferee. A refusal based on a blanket policy against corporate shareholders, or on considerations unrelated to the particular transferee, falls outside that contractual standard. The stated principle is that the power is directed to assessing the fitness of the specific transferee, not to imposing a general exclusion policy. en-us Thu, 21 Dec 1978 00:00:00 +0530 Sat, 28 Jan 2012 13:20:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99702 Where articles of association allow directors to refuse registration of a share transfer only if they do not approve of the purchaser, that discretion must be exercised bona fide, in the interests of the company, and on grounds personal to the proposed transferee. A refusal based on a blanket policy against corporate shareholders, or on considerations unrelated to the particular transferee, falls outside that contractual standard. The stated principle is that the power is directed to assessing the fitness of the specific transferee, not to imposing a general exclusion policy. Case-Laws Companies Law Thu, 21 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99702