https://www.taxtmi.com/caselaws?id=100006 The court dismissed the application seeking rectification of the share register under the Companies Act, 1956. It held that the share transfer was illegal under the Securities Contracts (Regulation) Act, 1956, as it did not meet the requirements of a "spot delivery contract" and was not exempt under section 18. The court interpreted "marketable securities" broadly and found the transaction contravened sections 13 and 16 of the Act. The respondent-company was justified in refusing registration, and the petitioner was directed to pay costs. en-us Wed, 16 Jul 1980 00:00:00 +0530 Mon, 30 Jan 2012 18:21:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100006 The court dismissed the application seeking rectification of the share register under the Companies Act, 1956. It held that the share transfer was illegal under the Securities Contracts (Regulation) Act, 1956, as it did not meet the requirements of a "spot delivery contract" and was not exempt under section 18. The court interpreted "marketable securities" broadly and found the transaction contravened sections 13 and 16 of the Act. The respondent-company was justified in refusing registration, and the petitioner was directed to pay costs. Case-Laws Companies Law Wed, 16 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100006