https://www.taxtmi.com/caselaws?id=100073 Directors' discretion under the articles to refuse registration of share transfers remains effective unless affirmative evidence establishes arbitrary, corrupt, capricious or mala fide exercise. Although section 155 confers wide rectification jurisdiction, refusal is presumed bona fide where the articles authorise directors to disapprove transferees. Alleged defects in transfer deeds did not displace that presumption. No improper motive, fiduciary misuse, or scheme to depress share value for personal gain was established; accordingly, rectification of the register was unavailable and the refusal to register the transfers stood. en-us Mon, 30 Mar 1981 00:00:00 +0530 Tue, 31 Jan 2012 11:29:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100073 Directors' discretion under the articles to refuse registration of share transfers remains effective unless affirmative evidence establishes arbitrary, corrupt, capricious or mala fide exercise. Although section 155 confers wide rectification jurisdiction, refusal is presumed bona fide where the articles authorise directors to disapprove transferees. Alleged defects in transfer deeds did not displace that presumption. No improper motive, fiduciary misuse, or scheme to depress share value for personal gain was established; accordingly, rectification of the register was unavailable and the refusal to register the transfers stood. Case-Laws Companies Law Mon, 30 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100073