https://www.taxtmi.com/caselaws?id=99848 Board discretion over registration of transmission of shares under company articles must be exercised bona fide, reasonably, and in the company's interests, not on a wrong principle or for an oblique purpose. In this dispute, the widow sought registration of all the deceased member's shares on the basis of a succession certificate, but the company objected because other Class I heirs existed and sole registration in her name could prejudice their interests. The Court treated the matter as one of transmission rather than transfer and found no material showing the directors acted arbitrarily, capriciously, corruptly, or mala fide. Rectification of the register was therefore declined. en-us Tue, 21 Apr 1981 00:00:00 +0530 Mon, 30 Jan 2012 13:15:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99848 Board discretion over registration of transmission of shares under company articles must be exercised bona fide, reasonably, and in the company's interests, not on a wrong principle or for an oblique purpose. In this dispute, the widow sought registration of all the deceased member's shares on the basis of a succession certificate, but the company objected because other Class I heirs existed and sole registration in her name could prejudice their interests. The Court treated the matter as one of transmission rather than transfer and found no material showing the directors acted arbitrarily, capriciously, corruptly, or mala fide. Rectification of the register was therefore declined. Case-Laws Companies Law Tue, 21 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99848